Aeffe

Investor Presentation • May 13, 2021

AEFFE First Quarter 2021 Consolidated Financial Results Presentation 13th May 2021

Consolidated Revenues at € 80.1m (+5.2% at constant exchange rates);

Consolidated EBITDA for € 14.1m (17.6% of sales), compared to an EBITDA of € 8.6m (11.3% of sales) in 1Q 2020, with a € 5.5m increase

Net Profit for the Group at € 3.8m , compared to a Net Profit of 4 thousands of Euro in 1Q 2020, with a € 3.8m increase

Consolidated Financial Debt including IFRS 16 effect of € 142.7m, compared to € 149.6m as of 31 March 2020, with a € 6.9m improvement

F/W 21-22 Orders' Backlog +12% compared to F/W 20-21

197 Mono Brand Stores

Net Sales Breakdown by Division(1)

(1) Before inter-divisional eliminations

1Q

Net Sales Breakdown by Brand

In 1Q OTHER BRANDS are not shown in the graph as they are not material.

1Q * At constant exchange rates

4

Net Sales Breakdown by Region

(1) Italy excluded

1Q

* At constant exchange rates

Net Sales Breakdown by Channel

6

Mono-brand Stores Network

	DOS
	1Q21	FY20
Europe	42	42
America	1	1
Asia	14	16
Total	57	59

Franchising

	1Q21	FY20
Europe	39	40
America		0
Asia	101	104
Total	140	144

Income Statement – 1Q 2021/2020

(€m) 1Q 21 1Q 20 Net Sales 80,1 76,2 % change 5,1% Other Revenues 1,7 2,7 Total Revenues 81,8 78,9 % change 3,7% Raw Materials Costs (27,8) (23,4) Service Costs (23,1) (26,3) Costs for use of third parties (0,7) (1,8) Personnel (15,1) (17,3) Other Operating Expenses (1,0) (1,5) Total Operating Expenses (67,7) (70,3) EBITDA 14,1 8,6 Margin (% of Net sales) 17,6% 11,3% Depreciation and Amortisation (6,4) (6,8) EBIT 7,7 1,8 Margin (% of Net sales) 9,7% 2,3% Net Financial Income / (Expenses) (0,8) (0,8) Profit before taxes 7,0 1,0 Margin (% of Net sales) 8,7% 1,3% Taxes (2,8) (1,4) Net income/(loss) before Minorities 4,2 (0,5) Margin (% of Net sales) 5,3% (0,6%) Minority Interests (0,4) 0,5 Net Income/(Loss) for the Group 3,8 0,0 Margin (% of Net sales) 4,7% 0,0%

Summary Balance Sheet

	1Q 21	FY 20	1Q 20
Net Working Capital	110,9	97,3	125,7
Net Tangible Assets	60,9	61,7	63,4
Net Intangible Assets	71,6	72,5	75,1
Net Intangible Assets for Rights of use - IFRS 16	96,9	100,5	106,3
Net Financial Assets	2,6	2,7	2,9
Severance Staff, Provisions & Others	(16,4)	(14,9)	(20,3)
Net Capital Employed	326,5	319,7	353,1
Group Shareholders' Equity	152,8	148,2	171,3
Minorities	30,9	30,5	32,2
Shareholders' Equity & Minorities	183,8	178,8	203,5
Net financial Debt	57,3	52,8	57,6
Net financial debt for Lease liabilities - IFRS 16	85,4	88,2	92,0
Net Financial Debt and Shareholders' Equity	326,5	319,7	353,1
Accounts Receivables	53,8	39,1	44,2
Accounts Payables	(64,2)	109,3	(61,0)
Inventory	107,6	(69,3)	114,6
Operating NWC	97,3	79,1	97,8
As % of LTM sales	35,6%	36,2%	30,1%
Other Current Assets/Liabilities	13,6	18,3	27,9
Net Working Capital	110,9	97,3	125,7

Summary Cash Flow

(€m)

	1Q 21	FY 20	1Q 20
PBT	6,9	(27,6)	1,0
Operating Cash Flow	(1,0)	10,3	(11,6)
Capital Expenditure	(0,5)	(5,4)	(1,9)
Capital Expenditure for Rights of use - IFRS 16	(0,5)	(6,6)
Free Cash Flow	(2,0)	(1,8)	(13,5)
Cash Flows from Financing Activities	(5,5)	13,2	2,6
Cash and cash equivalents at the beginning of the year	39,8	28,4	28,4
Cash Flow of the Period	(7,4)	11,4	(10,9)
Cash and cash equivalents at the end of the year	32,4	39,8	17,5

Appendices

Income Statement – Full Year 2018-2020

(€m)

	2020A	2019A	2018A
Net Sales	269,1	351,4	346,6
% change	(23,4%)	0,0%	10,9%
Other Revenues	10,5	10,1	5,4
Total Revenues	279,6	361,5	352,0
% change	(22,6%)	0,0%	11,2%
Raw Materials Costs	(107,8)	(115,3)	(110,3)
Service Costs	(93,2)	(108,3)	(100,6)
Cost for use of third parties assets	(6,6)	(9,0)	(25,4)
Personnel	(61,8)	(72,4)	(68,5)
Other Operating Expenses	(5,7)	(3,3)	(3,9)
Total Operating Expenses	(275,1)	(308,3)	(308,7)
EBITDA	4,5	53,1	43,3
Margin (% of Net sales)	1,7%	15,1%	12,5%
Depreciation and Amortisation	(29,1)	(28,0)	(13,7)
EBIT	(24,6)	25,1	29,6
Margin (% of Net sales)	na	7,1%	8,5%
Net Financial Income / (Expenses)	(3,0)	(3,3)	(0,9)
PBT	(27,6)	21,8	28,7
Margin (% of Net sales)	na	6,2%	8,3%
Taxes	4,2	(9,8)	(11,6)
Net income before Minorities	(23,4)	12,0	17,1
Margin (% of Net sales)	na	3,4%	4,9%
Minority Interests	2,0	(0,3)	(0,4)
Net Income for the Group	(21,4)	11,7	16,7
Margin (% of Net sales)	na	3,3%	4,8%

Company Profile

division

Share Information Investor Relations

• N° of shares outstanding: 107,362,504
• Italian Stock Exchange STAR Segment

Specialist: Mediobanca S.p.A.

Tickers: AEF IM (Bloomberg) AEF MI (Reuters), AEF (Borsa Italiana)

• Investor Relations
• AEFFE S.p.A
• Annalisa Aldrovandi
• +39 0541 965494
• annalisa.aldrovandi@aeffe.com

www.aeffe.com

Disclaimer

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 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.