Aeffe

Investor Presentation • May 10, 2023

AEFFE GROUP Q1 Consolidated Results Presentation

10th May 2023

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.

INNOVATIVE HIGH QUALITY

*At constant exchange rates

*At constant exchange rates

Before inter-divisional eliminations

*At constant

exchange rates

*At constant

Q1

* At constant exchange rates

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INCOME STATEMENT	Q1 23	Q1 22
Net Sales	93.2	101.6
% change	2%) (8
Other Revenues	3.6	2.0
Total Revenues	96.9	103.5
% change	4%) (6
Raw Materials Costs	(33.0)	(35.1)
Service Costs	(29.7)	(27.3)
Costs for use of third parties	(1.5)	(2.1)
Personnel	(19.5)	(17.3)
Other Operating Expenses	(1.7)	(1.3)
Total Operating Expenses	(85.4)	(83.1)
EBITDA	11.5	20.4
(% of sales) Margin Net	4% 12	1% 20
Depreciation and Amortisation	(8.3)	(6.3)
EBIT	3.2	14.2
(% of sales) Margin Net	5% 3	0% 14
Net Financial Income / (Expenses)	(2.2)	(0.9)
Profit before taxes	1.0	13.3
(% of sales) Margin Net	1% 1	1% 13
Taxes	(1.3)	(4.3)
Net income/(loss)	(0.3)	8.9
(% of sales) Margin Net	4%) (0	8% 8

BALANCE SHEET	Q1 23	2022Y	Q1 22
Net Working Capital	130.1	113.0	98.7
Net Tangible Assets	60.7	61.3	58.3
Net Intangible Assets	65.1	66.0	67.9
Net Intangible Assets for Rights of use - IFRS 16	108.1	110.6	81.9
Net Financial Assets	0.2	0.2	1.4
Severance Staff, Provisions & Others	(8.6)	(9.5)	(7.1)
Net Capital Employed	355.5	341.6	301.2
Shareholders' Equity	109.7	109.8	129.0
Net financial Debt	142.4	126.9	100.0
Net financial debt for Lease liabilities - IFRS 16	103.3	104.9	72.2
Net Financial Debt and Shareholders' Equity	355.5	341.6	301.2
Accounts Receivables	77.1	62.9	71.9
Accounts Payables	(82.7)	(88.6)	(81.9)
Inventory	115.7	116.7	94.0
Operating NWC	110.1	91.0	84.0
% As of LTM sales	0% 32	8% 25	3% 24
Other Current Assets/Liabilities	20.0	22.0	14.7
Net Working Capital	130.1	113.0	98.7

(EUR MILLIONS)

CASH FLOW	Q1 23	2022Y	Q1 22
PBT	1.0	(3.8)	13.3
Amortisation / write-downs	8.3	34.3	6.3
Accrual (+)/availment (-) of long term provisions	0.1	(0.3)	0.0
Paid income taxes	(2.3)	(2.2)	(2.6)
Financial income (-) and financial charges (+)	2.2	5.0	0.9
Change in operating assets and liabilities	(17.3)	(34.6)	(19.7)
Operating Cash Flow	(8.0)	(1.5)	(1.9)
Capital Expenditure	(1.1)	(8.8)	(0.6)
Capital Expenditure for Rights of use - IFRS 16	(2.9)	(47.7)	(0.1)
Free Cash Flow (Operating CF + Capital expenditure)	(12.0)	(58.1)	(2.6)
Changes in shareholders' equity	0.2	(1.3)	(0.1)
Proceeds (+)/ repayments (-) of financial payments	8.9	21.3	5.6
Proceeds (+)/ repayment (-) of lease payments	(1.6)	29.2	(3.5)
Increase (-)/ decrease (+) in long term financial receivables	0.0	4.3	0.1
Financial income (+) and financial charges (-)	(2.2)	(5.0)	(0.9)
Cash Flows from Financing Activities	5.4	48.5	1.2
Cash and cash equivalents at the beginning of the year	21.7	31.3	31.3
Cash Flow of the Period	(6.6)	(9.7)	(1.4)
Cash and cash equivalents at the end of the year	15.0	21.7	29.9