Aeffe

Investor Presentation • Mar 14, 2025

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 date 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.

*At constant exchange rates

*At constant exchange rates

Before inter -divisional eliminations

5

* At constant exchange rates

REVENUES BY REGION

Euro millions

7

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INCOME STATEMENT	FY 24	FY 23
Net Sales	250.8	318.6
% change	(21.3%)
Other Revenues	108.4	10.7
Total Revenues	359.2	329.4
% change	9.1%
Raw Materials Costs	(111.5)	(129.2)
Service Costs	(85.7)	(110.4)
Costs for use of third parties	(5.2)	(6.0)
Personnel	(68.3)	(71.8)
Other Operating Expenses	(3.7)	(6.2)
Total Operating Expenses	(274.5)	(323.6)
EBITDA	84.7	5.8
Margin (% of Net sales)	33.8%	1.8%
Depreciation and Amortisation	(36.2)	(32.9)
EBIT	48.5	(27.1)
Margin (% of Net sales)	19.3%	(8.5%)
Net Financial Income / (Expenses)	(11.5)	(10.8)
Profit before taxes	37.0	(37.9)
Margin (% of Net sales)	14.7%	(11.9%)
Taxes	(17.5)	5.9
Net income/(loss) before minorities	19.5	(32.0)
Margin (% of Net sales)	7.8%	(10.0%)
Minority Interests	(0.1)	(0.2)
Net income/(loss) gor the Group	19.3	(32.1)
Margin (% of Net sales)	7.7%	(10.1%)

BALANCE SHEET	Dec. 31, 2024	Dec. 31, 2023
Net Working Capital	82.1	108.3
Net Tangible Assets	57.4	60.4
Net Intangible Assets	49.1	62.9
Net Intangible Assets for Rights of use - IFRS 16	77.6	102.2
Net Financial Assets	0.1	0.1
Severance Staff, Provisions & Others	(15.8)	(1.3)
Net Capital Employed	250.5	332.7
Shareholders' Equity	98.1	79.2
Net financial Debt	67.7	152.5
Net financial debt for Lease liabilities - IFRS 16	84.7	101.0
Net Financial Debt and Shareholders' Equity	250.5	332.7
Accounts Receivables	40.7	56.1
Accounts Payables	(63.8)	(78.7)
Inventory	89.2	112.3
Operating NWC	66.1	89.6
As % of LTM sales	26.4%	28.1%
Other Current Assets/Liabilities	16.0	18.7
Net Working Capital	82.1	108.3

Euro millions

CASH FLOW	FY 24	FY 23
PBT	37.0	(37.9)
Amortisation / write-downs	36.2	32.9
Accrual (+)/availment (-) of long term provisions	4.9	(1.4)
Paid income taxes	(1.2)	(2.6)
Financial income (-) and financial charges (+)	11.5	10.8
Change in operating assets and liabilities	18.8	4.7
Operating Cash Flow	107.2	6.4
Capital Expenditure	7.4	(5.9)
Capital Expenditure for Rights of use - IFRS 16	(6.0)	(13.0)
Free Cash Flow (Operating CF + Capital expenditure)	108.6	(12.4)
Changes in shareholders' equity	(0.6)	1.4
Proceeds (+)/ repayments (-) of financial payments	(74.0)	18.5
Proceeds (+)/ repayment (-) of lease payments	(16.3)	(3.9)
Increase (-)/ decrease (+) in long term financial receivables	(0.0)	0.1
Financial income (+) and financial charges (-)	(11.5)	(10.8)
Cash Flows from Financing Activities	(102.4)	5.4

Cash and cash equivalents at the beginning of the year	14.6	21.7
Cash Flow of the Period	6.2	(7.0)
Cash and cash equivalents at the end of the year	20.8	14.6