ETHOS LIMITED — Investor Presentation 2025

Nov 8, 2025

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Ref. No.: Ethos/Secretarial/2025-26/79

Dated: November 08, 2025

Corporate Service Department Listing Department BSE Limited National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, C-1, Block G, Dalal Street, Bandra Kurla Complex, Bandra, Mumbai – 400001 Mumbai - 400051 Scrip Code: 543532 Trading Symbol: ETHOSLTD ISIN: INE04TZ01018

Subject: Investor presentation on the Unaudited Financial Results for the quarter and half year ended September 30, 2025

Dear Sir/Madam,

Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed Investor presentation on the Unaudited Financial Results for the quarter and half year ended September 30, 2025.

The above information will also be available on the website of the Company.

You are requested to please take on record the above-mentioned information for your reference and further needful.

Thanking You, Sincerely,

For Ethos Limited

SHUBHAM Digitally signed by SHUBHAM KANDHWAY KANDHWAY Date: 2025.11.08 16:08:58 +05'30'

Shubham Kandhway Company Secretary & Compliance Officer

Encl: as above

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ETHOS LIMITED

Results Presentation

Q2 & H1FY26 | 8[th] November’25

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Safe Harbor

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This presentation and the accompanying slides (the “Presentation”), which has been prepared by Ethos Limited, a material subsidiary of KDDL Limited, solely for information purposes and do not constitute any offer, recommendation or invitation to purchase or subscribe for any securities and shall not form the basis or be relied on in connection with any contract or binding commitment whatsoever. No offering of securities of the Company will be made except by means of a statutory offering document containing detailed information about the Company.

This Presentation has been prepared by the Company based on information and data which the Company considers reliable, but the Company makes no representation or warranty, express or implied, whatsoever, and no reliance shall be placed on, the truth, accuracy, completeness, fairness and reasonableness of the contents of this Presentation. This Presentation may not be all inclusive and may not contain all of the information that you may consider material. Any liability in respect of the contents of, or any omission from, this Presentation is expressly excluded.

Certain matters discussed in this Presentation may contain statements regarding the Company’s market opportunity and business prospects that are individually and collectively forward-looking statements. Such forward-looking statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties and assumptions that are difficult to predict. These risks and uncertainties include, but are not limited to, the performance of the Indian economy and of the economies of various international markets, the performance of the industry in India and world-wide, competition, the company’s ability to successfully implement its strategy, the Company’s future levels of growth and expansion, technological implementation, changes and advancements, changes in revenue, income or cash flows, the Company’s market preferences and its exposure to market risks, as well as other risks. The Company’s actual results, levels of activity, performance or achievements could differ materially and adversely from results expressed in or implied by this Presentation. The Company assumes no obligation to update any forward-looking information contained in this Presentation. Any forward-looking statements and projections made by third parties included in this Presentation are not adopted by the Company and the Company is not responsible for such third-party statements and projections.

Q2 & H1FY26 Performance

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Ethos at a Glance

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86 Boutiques Watch 83 Lifestyle 3 80+ Brands Exclusive 49 Presence State 18 City 26

*As on 8[th ] November 2025

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Management Commentary

5

Commenting on the Results by Mr. Pranav Saboo – MD & CEO

“ We are pleased to share that Ethos Limited has delivered another strong performance in H1 FY26 , with revenue growing by 27.9% from ₹ 570.4 crore in H1 FY25 to ₹ 729.7 crore in H1 FY26 . This growth underscores the strength of our brand portfolio, our deep customer relationships, and the continued rise in aspiration for luxury timepieces and lifestyle products in India.

We remain focused on expanding our retail footprint , enhancing productivity , and deepening brand partnerships . As of 31st March 2025, we have 73 boutiques and as on date 86 boutiques.

Between March 31, 2025, and September 30, 2025, the exchange rate moved from CHF/INR 96.98 to 111.25, reflecting an INR depreciation of ~15%. The increase in cost due to INR depreciation has not been fully passed on in the pricing structure, resulting in a margin impact on Profit.

Resulting in an adverse effect of forex gross margin estimated loss of ₹ 10.7 crore — comprising around ₹ 3.3 crore from re-statement of creditors and ₹ 7.4 crore from notional exchange losses/increase in COGS.

Our Lifestyle vertical continues to perform well, further strengthening Ethos’s position as a destination for global luxury. The opening of first Messika and Rimowa’s second boutique mark important milestones in our Lifestyle expansion, both witnessing strong customer traction and reinforcing our confidence in the long-term potential of this segment.

The Company continues to accelerate growth in real estate with a strategic focus on high-potential, premium locations, resulting in stronger brand presence and improved store productivity. To achieve our long-term ambitions, we continue to prioritize talent acquisition and development , recognizing that our people are central to our success. We are investing in building a future-ready workforce capable of driving our growth aspirations in an evolving retail landscape.

Ethos continues to build for the long term — with a clear focus on profitable growth, operational excellence, and sustainable value creation for all our stakeholders. ”

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I Key Highlights H1FY26 | Without IND AS 116 6
Standalone Consolidated
Performance Performance
01 02
Rs 738.8 Cr Rs 729.7 Cr Opened 16 Boutiques Added 4 Exclusive Brands
( 9 Exclusive, 7 Multi-Brand,
29.5% YOY 27.9% YOY 1 CPO, 2 Lifestyle) ( 3 Watches and 1 Luxury Travel)
03 04
Rs 78.3 Cr Rs 80.2 Cr
Billing from CPO (Second
7.8% YOY 10.0% YOY ASP stood at Rs 2.18 lac
Movement) grew by 25 % YoY
05 06
Rs 65.2 Cr Rs 64.7 Cr
SSSG stood at 16.5% Total boutiques expanded from 73
1.2% YOY 0.1% YOY
against 15.5% in H1FY25 (Mar’25) to 86 as on date
Revenue
EBITDA
PBT
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I Financial Summary | Standalone Performance Snapshot | Without IND AS 116 7
All Figures in Rs. Crs.
Revenue from operations EBITDA EBITDA Margins PBT
+32.1%
+15.9% +10.0%
392.5 41.6 11.8% 34.7
10.3% 31.5
35.9
Q2FY26 297.1
Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26
Revenue from operations EBITDA EBITDA Margins PBT
+29.5%
+7.8% +1.2%
738.8 78.3 12.5% 64.4 65.2
72.7
10.4%
570.4
H1FY26
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26
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I Financial Summary | Standalone Performance Snapshot | With IND AS 116 8
All Figures in Rs. Crs.
Revenue from operations EBITDA EBITDA Margins PAT
+32.1%
+21.6% +8.7%
392.5 58.4 15.8% 23.2
14.5% 21.3
Q2FY26 297.1 48.1
Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26
Revenue from operations EBITDA EBITDA Margins PAT
+29.5% +13.1%
-1.8%
738.8 110.5 16.8% 44.3 43.5
97.7 14.6%
570.4
H1FY26
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26
Impact on Margin
Forex Fluctuation (CHF appreciated), 16
new boutiques opened in Apr-Sept’25 and
at the nascent stage of revenue
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Financial Summary | Consolidated Performance Snapshot | Without IND AS 116

All Figures in Rs. Crs.

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Revenue from operations EBITDA EBITDA Margins PBT
+29.0%
+21.2% +12.2%
383.4 43.6 11.9% 35.5
11.0% 31.7
36.0
Q2FY26 297.1
Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26
Revenue from operations EBITDA EBITDA Margins PBT
+27.9%
+10.0% +0.1%
729.7 80.2 12.5% 64.5 64.7
72.9
10.7%
570.3
H1FY26
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26
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• PBT is after adjustment of loss from associates (Pasadena and Silvercity Brands AG ) in Q2FY26 for Rs. 1.1 Cr and in H1FY26 for Rs. 2.3 Cr

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Financial Summary | Consolidated Performance Snapshot | With IND AS 116

All Figures in Rs. Crs.

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Revenue from operations EBITDA EBITDA Margins PAT after MI
+29.0%
+25.5% +9.8%
383.4 60.5 15.9% 15.3% 23.3
21.2
Q2FY26 297.1 48.2
Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26 Q2FY25 Q2FY26
Revenue from operations EBITDA EBITDA Margins PAT after MI
+27.9% +14.8%
-3.7%
729.7 112.4 16.8% 44.0 42.3
98.0 15.0%
570.4
H1FY26
H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26 H1FY25 H1FY26
Impact on Margin
Forex Fluctuation (CHF appreciated), 16
new boutiques opened in Apr-Sept’25 and
at the nascent stage of revenue
PAT is after the adjustment of loss from associates (Pasadena and Silvercity Brands AG ) in Q2FY26 for Rs. 1.4 Cr and in H1FY26 for Rs. 2.5 Cr and MI – Minority Interest in Ethos Lifestyle.
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|Financial Summary | Standalone Reported Profit & Loss Statement |
I|Without IND AS 116|11|
|---|---|---|
|FY25
YoY
H1FY25
H1FY26
QoQ
Q1FY26
YoY
Q2FY25
Q2FY26
Profit and Loss (in Rs. Crs)
1,251.6
29.5%
570.4
738.8
13.3%
346.3
32.1%
297.1
392.5
Revenue from Operations
23.3
12.7
16.2
5.7
6.4
10.5
Other Income
1,275.0
583.1
755.1
352.0
303.5
403.0
Total Income
876.7
399.8
529.6
247.3
207.5
282.3
Cost of Goods Sold
374.9
22.7%
170.6
209.2
11.2%
99.1
22.9%
89.6
110.2
Gross Profit (Revenue from operations - COGS)
30.0%
29.9%
28.3%
28.6%
30.2%
28.1%
Gross Profit Margin
84.1
38.9
51.4
23.5
20.4
27.9
Employee Cost
153.7
71.7
95.8
44.5
39.8
51.3
Other Expenses
160.5
7.8%
72.7
78.3
13.0%
36.8
15.9%
35.9
41.6
Normalized EBITDA including other income
12.6%
12.5%
10.4%
10.4%
11.8%
10.3%
Normalized EBITDA Margin
18.1
7.8
13.0
6.1
4.1
6.9
Depreciation
142.4
0.7%
64.9
65.3
13.3%
30.6
9.3%
31.8
34.7
Normalized EBIT
1.2
0.4
0.1
0.1
0.2
0.0
Finance Cost
141.3
1.2%
64.4
65.2
13.7%
30.5
10.0%
31.5
34.7
Normalized PBT
11.1%
11.1%
8.6%
8.7%
10.4%
8.6%
Normalized PBT Margin|||

|Financial Summary | Standalone Reported Profit & Loss Statement |
I|With IND AS 116|12|
|---|---|---|
|Q2FY26
Profit and Loss (in Rs. Crs)
392.5
Revenue from Operations
10.5
Other Income
403.0
Total Income
282.3
Cost of Goods Sold
110.2
Gross Profit (Revenue - COGS)
28.1%
Gross Profit Margin
27.9
Employee Cost
34.4
Other Expenses
58.4
EBITDA
14.5%
EBITDA Margin
20.9
Depreciation
37.5
EBIT
9.3%
EBIT Margin
6.5
Finance Cost
31.0
PBT
7.7%
PBT Margin
7.8
Tax
23.2
PAT
5.8%
PAT Margin|FY25
YoY
H1FY25
H1FY26
QoQ
Q1FY26
YoY
Q2FY25
1,251.6
29.5%
570.4
738.8
13.3%
346.3
32.1%
297.1
24.9
12.7
16.2
5.7
6.4
1,276.5
583.1
755.1
352.0
303.5
876.7
399.8
529.6
247.3
207.5
374.9
22.7%
170.6
209.2
11.2%
99.1
22.9%
89.6
30.0%
29.9%
28.3%
28.6%
30.2%
84.1
38.9
51.4
23.5
20.4
101.9
46.7
63.6
29.2
27.6
213.9
13.1%
97.7
110.5
12.2%
52.1
21.6%
48.1
16.8%
16.8%
14.6%
14.8%
15.8%
62.9
29.3
39.9
19.0
15.0
151.0
3.2%
68.5
70.6
13.4%
33.1
13.3%
33.1
11.8%
11.7%
9.4%
9.4%
10.9%
19.4
9.1
12.2
5.7
4.5
131.6
-1.7%
59.4
58.4
13.1%
27.4
8.5%
28.6
10.3%
10.2%
7.7%
7.8%
9.4%
33.3
15.1
14.9
7.1
7.2
98.6
-1.8%
44.3
43.5
14.3%
20.3
8.7%
21.3
7.7%
7.7%
5.8%
5.8%
7.0%||

|Financial Summary | Consolidated Reported Profit & Loss Statement |
I|Without IND AS 116|13|
|---|---|---|
|FY25
YoY
H1FY25
H1FY26
QoQ
Q1FY26
YoY
Q2FY25
Q2FY26
Profit and Loss (in Rs. Crs)
1,251.6
27.9%
570.3
729.7
10.7%
346.3
29.0%
297.1
383.4
Revenue from Operations
22.8
12.5
17.4
5.8
6.1
11.6
Other Income
1,274.4
582.9
747.1
352.2
303.2
395.0
Total Income
876.6
399.8
519.7
247.3
207.5
272.4
Cost of Goods Sold
374.9
23.1%
170.6
210.0
12.0%
99.1
23.8%
89.6
111.0
Gross Profit (Revenue from operations - COGS)
30.0%
29.9%
28.8%
28.6%
30.2%
29.0%
Gross Profit Margin
85.3
39.7
52.0
23.8
20.7
28.2
Employee Cost
151.4
70.5
95.3
44.5
39.0
50.8
Other Expenses
161.0
9.8%
72.9
80.2
19.1%
36.6
21.2%
36.0
43.6
Normalized EBITDA including other income
12.6%
12.5%
10.7%
10.4%
11.9%
11.0%
Normalized EBITDA Margin
18.2
7.9
13.1
6.2
4.1
6.9
Depreciation
142.8
3.0%
65.0
67.1
20.2%
30.5
14.9%
31.9
36.7
Normalized EBIT
1.2
0.4
0.1
0.1
0.2
0.0
Finance Cost
-0.9
-0.1
-2.3
-1.2
0.0
-1.1
Share in Profit/(loss) in JV and Associates
140.7
0.1%
64.5
64.7
22.1%
29.1
12.2%
31.7
35.5
Normalized PBT
11.1%
11.1%
8.7%
8.3%
10.5%
9.0%
Normalized PBT Margin|||

|Financial Summary | Consolidated Reported Profit & Loss Statement |
I|With IND AS 116|14|
|---|---|---|
|FY25
YoY
H1FY25
H1FY26
QoQ
Q1FY26
YoY
Q2FY25
Q2FY26
Profit and Loss (in Rs. Crs)
1,251.6
27.9%
570.4
729.7
10.7%
346.3
29.0%
297.1
383.4
Revenue from Operations
24.3
12.5
17.4
5.8
6.1
11.6
Other Income
1,275.9
582.9
747.1
352.2
303.2
395.0
Total Income
876.7
399.8
519.6
247.3
207.5
272.4
Cost of Goods Sold
374.9
23.2%
170.6
210.1
12.1%
99.1
23.9%
89.6
111.0
Gross Profit (Revenue - COGS)
30.0%
29.9%
28.8%
28.6%
30.2%
29.0%
Gross Profit Margin
85.3
39.7
51.9
23.8
20.7
28.2
Employee Cost
99.5
45.5
63.1
29.2
26.8
34.0
Other Expenses
214.4
14.8%
98.0
112.4
16.4%
52.0
25.5%
48.2
60.5
EBITDA
16.8%
16.8%
15.0%
14.8%
15.9%
15.3%
EBITDA Margin
63.0
29.3
40.0
19.0
15.0
21.0
Depreciation
151.4
5.5%
68.6
72.4
20.0%
32.9
19.0%
33.2
39.5
EBIT
11.9%
11.8%
9.7%
9.4%
11.0%
10.0%
EBIT Margin
19.4
9.1
12.3
5.7
4.5
6.5
Finance Cost
-1.9
-0.3
-2.3
-1.1
-0.1
-1.2
Share in Profit/(loss) in JV and Associates
130.1
-2.5%
59.3
57.9
21.5%
26.1
10.8%
28.6
31.7
PBT
10.2%
10.2%
7.7%
7.4%
9.4%
8.0%
PBT Margin
33.8
15.3
15.0
7.1
7.4
7.9
Tax
96.3
-2.6%
44.0
42.8
24.4%
19.1
12.0%
21.2
23.8
PAT
7.5%
7.6%
5.7%
5.4%
7.0%
6.0%
PAT Margin
-
-
0.5
-
-
0.5
Minority Interest
96.3
-3.7%
44.0
42.3
22.0%
19.1
9.8%
21.2
23.3
PAT After Minority Interest
7.5%
7.6%
5.7%
5.4%
7.0%
5.9%
PAT Margin After Minority Interest
EBITDA Margin Impacted due to an additional cost
in H1FY26 attributable to the following:
• Forex Fluctuations
• Increased manpower for new store additions
• Rental for new stores, which are in the nascent
stages of sales|||

|Financial Summary | Consolidated Reported Balance Sheet
I|Financial Summary | Consolidated Reported Balance Sheet
I||15|
|---|---|---|---|
||Mar-25
Sep-25
Equity & Liabilities(in Rs. Crs)
982.2
1,609.6
Total Equity
24.5
26.8
Share Capital
957.7
1,407.3
Other Equity
-
175.6
Non Controlling Interest
248.0
265.8
Non-Current Liabilities
Financial Liabilities
0.1
0.1
Borrowings
245.0
262.3
Lease Liabilities
2.9
3.4
Provisions
179.5
265.1
Current Liabilities
Financial Liabilities
1.8
0.1
Borrowings
88.8
152.1
Trade Payables
41.8
51.4
Lease Liabilities
22.9
24.6
Other Financial Liabilities
-
0.2
Current tax liabilities (net)
4.8
5.6
Provisions
19.3
31.1
Other current liabilities
1,409.6
2,140.5
Total Equity & Liabilities|Mar-25
Sep-25
Assets(in Rs. Crs)
519.1
571.1
Non - Current Assets
128.3
157.8
Property Plant & Equipment's
34.4
36.5
Investment in joint venture
43.0
42.8
Intangible assets
0.0
-
Intangible assets under development
260.5
278.5
Right of use asset
Financial Assets
1.8
1.8
Investment
27.6
32.3
Other Financial Assets
9.4
10.5
Deferred Tax Assets (Net)
1.7
0.6
Non - Current Assets (Net)
12.3
10.3
Other Non Current Assets
890.5
1,569.7
Current Assets
592.7
661.8
Inventories
Financial Assets
18.3
23.6
Trade receivables
28.5
232.3
Cash and cash equivalents (C&CE)
191.5
562.4
Bank balances other than C&CE
0.0
0.0
Loans
11.2
26.6
Other Financial Assets
48.4
62.6
Other Current Assets
1,409.6
2,140.5
Total Assets||

16

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Ethos is in unique position to leverage its large base of Luxury Customers

Creating engaging shopping experience over the years has enabled us to build a large Luxury Customer base

Demand for our products is directly proportional to the number of HNIs

Factors leading to surge in the demand for luxury goods, including watches:

• ✓ Rise in the number of HNI’s in fast growing economies, such as China and India has led to increase in the wealth of people

• ✓ Awareness and availability of luxury brands at Ethos with International retail standard

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Share of Luxury & High Average Selling
luxury watch sales Price per watch (INR ‘000)
70% 72% 218
65% 66% 68% 204
190
58%
159
149
70% 110
FY21 FY22 FY23 FY24 FY25 H1FY26 FY21 FY22 FY23 FY24 FY25 H1FY26
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Source: ‘Industry Report on Premium and Luxury Watch Retail in India dated April 26, 2022, prepared by Technopak Advisors Private Limited

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I Ethos Store Locations 17
ETHOS WATCH BOUTIQUES
Mohali Chandigarh Our Store Locations
Ludhiana
Dehradun • 86 boutiques in 26 cities, including our second
New Delhi Haute Horology boutique in Mumbai and our
Gurugram Noida Siliguri second exclusive Rimowa boutique in New Delhi
Jaipur Lucknow Guwahati
• Spread across the major metros, our boutiques
Ahmedabad Bhopal house the finest selection from over 80 of the
Surat Indore Kolkata world’s top luxury watch and lifestyle brands
Raipur Bhuvneshwar
Nagpur
Ethos Lifestyle
Mumbai
Pune Messika Boutique
Hyderabad
The Chanakya, New Delhi
Bengaluru (International Airport)
Rimowa Boutique
Mangaluru Chennai • Jio World Plaza, Mumbai
Kochi • DLF Emporio, New Delhi
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Note – Maps not to scale. All data, information, and maps are provided “as is” without warranty or any representation of accuracy, timeliness or completeness

*As on 8[th ] November 2025

Store Addition in Q3FY26 (Oct- Till Date) 1 Rimowa Boutique

2 Watch Boutiques

II

Ethos Summit: Unity One Mall, New Delhi

19

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G-27, Unity One, Netaji Subhash Place, MRTS Station Opposite Wazirpur District Centre, Pitampura
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II

20

Ethos Haute Horology: 3[rd] Boutique in Jio World Plaza, Mumbai

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Unit No. 1-2, 2nd Floor, Jio World Plaza Mall, G Block BKC, Bandra East, Mumbai, Maharashtra - 400055

II

21

RIMOWA: DLF Emporio, New Delhi

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1/F, DLF Emporio, Nelson Mandela Marg, Vasant Kunj II, New Delhi, 110070

Store Addition in Q2FY26 (Jul-Sep’25) 3 Watch Boutiques 1

1 Relocation of CPO Boutique

Ethos Watch Boutiques: 5[th] Boutique in Select City Walk, New Delhi

III

23

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Unit No.F-69A, 1st Floor, Nexus Select City Walk, A-3, Saket District Centre, New Delhi, Delhi - 110017

Ethos Watch Boutiques: 2[nd] Boutique at Hyderabad

III

24

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Unit No. UG-41, Plot No.16, Nexus Mall, Kukatpally, Hyderabad, Telangana - 500072

Jacob & Co. : 2[nd] Boutique in Jio World Plaza, Mumbai

III

25

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Unit No.1-18B, 1st Floor, Jio World Plaza Mall, G Block BKC, Bandra East, Mumbai, Maharashtra - 400055

III

26

CPO (Second Movement): Gurugram

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Unit No.1, Ground Floor, Global Gateway Towers, B, Mehrauli-Gurgaon Rd, Sikanderpur, Sector 26, Gurugram, Haryana 122002

Store Addition in Q1FY26

11 1 Watch Boutiques Messika Lifestyle Boutique

IV

28

Boutiques Opened in Q1FY26

8 Exclusive Boutiques 3 Multi-Brand Boutiques

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Rolex Boutique Panerai Boutique
in Bengaluru in New Delhi
Emaar Capital Tower 2,
Near Guru Dronacharya
Metro Station, Sector
26, City Of Time,
Gurugram
Jaeger-LeCoultre Ethos Summit
in New Delhi in Noida
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Messika: 1[st] Boutique in India and 3[rd] Boutique at The Chanakya Mall, New Delhi

IV

29

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Yashwant place, Community Centre, Unit-108A, First Floor, The Chanakya, Chanakyapuri, New Delhi, Delhi - 110021

Brand Addition in H1FY26 (Apr-Sep’25)

4 New Brands Added

V

Brand additions in H1FY26

31

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Unimatic is an Italian watch brand known for its minimalist, utilitarian design and limitededition releases.

Founded in 2015, it blends modern aesthetics with vintage military inspiration. The brand focuses on durability, precision, and simplicity, often using robust automatic movements and high-quality materials. Unimatic watches are highly collectible, appealing to enthusiasts who appreciate understated style and functional craftsmanship.

Fabergé is a legendary luxury brand best known for its exquisitely crafted jewelled eggs created for the Russian imperial family in the late 19th and early 20th centuries. Founded in 1842 in St. Petersburg, Russia, by Gustav Fabergé, the house rose to international fame under his son, Peter Carl Fabergé, who transformed it into a symbol of opulence, artistry, and craftsmanship.

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Founded in Milan in 1946, FPM Milano (Fabbrica Pelletterie Milano) crafts luxury travel accessories and leather goods. Renowned for its Bank collection—aluminium trunks with signature butterfly locks and Italian leather accents—the brand blends artisanal craftsmanship and avant-garde materials to elevate modern travel.

D1 Milano is an Italian watch brand founded in 2013, known for its sleek, fashion-forward designs.

Combining luxury aesthetics with accessible pricing, the brand offers minimalist, modern timepieces like the Ultra Thin and chronograph collections.

With Italian flair and refined finishes, D1 Milano appeals to style-conscious individuals seeking quality watches without the high-end price tag.

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Ethos Holding & Subsidiary Structure

32

VI

KDDL (Holding Company : 50.12%*) (Manufacturer of watch components) ETHOS LIMITED (Premium & Luxury Retail)

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Cognition Ethos Lifestyle Micron Watch
Digital LLP Pvt. Ltd. Service Pvt. Ltd.
(100% WOS) (Subsidiary - 75.05%) (Subsidiary – 50.1%)
To develop and
implement IT and
conduct IT-based Retailer of Global Establish and
businesses including Lifestyle Products other operate Service
retail and distribution of than watches Centres
consumer and other
goods
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Ficus Silvercity Favre Leuba Pasadena Trading LLC Brands AG GMBH Retail Pvt Ltd. (100% WOS) (Associate-33.88%) (100% WOS) (JV-50%) Trading of Watches, Management of Intellectual Trading of Retail Clocks & Spare Parts. Property and License Rights Watches

WOS = Wholly Owned Subsidiary, JV = Joint Venture *As on 8[th] November 2025

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For further information, please contact:

Company :

Investor Relation Advisors

Ethos Ltd.

Strategic Growth Advisors Pvt. Ltd.

CIN : L52300HP2007PLC030800

CIN : U74140MH2010PTC204285

Mr. Munish Gupta – Chief Financial Officer munish.gupta@ethoswatches.com www.ethoswatches.com

Mr. Mandar Chavan / Mr. Shogun Jain +91 96993 82195 / +91 77383 77756 mandar.chavan@sgapl.net / Shogun.jain@sgapl.net www.sgapl.net