Fope — Earnings Release 2020

Mar 2, 2021

FOPE: PRELIMINARY 2020 FULL YEAR FINANCIAL RESULTS

• Net Revenues: Euro 26.0 million (2019: Euro 35.0 million)
• EBITDA: Euro 3.95 million (2019: Euro 6.78 million)
• EBIT: Euro 2.34 million (2019: Euro 5.43 million)
• Net Profit: Euro 1.65 million (2019: Euro 4.85 million)
• Net Financial Position: Euro 2.42 million (2019: Euro 0.09 million)

Vicenza, 2 March 2021

The Board of Directors of FOPE (FPE:IM), a leading Italian fine jewellery company listed on AIM Italia, took note of the preliminary consolidated financial results at 31 December 2020.

Diego Nardin, FOPE Chief Executive Officer: "We are happy with our year-end revenues, which beat expectations; the 25.7% decline compared to 2019, and specifically the 11% reduction when comparing the data relating only to countries with a significant tourist impact, reassures us about the importance of the FOPE brand for our retailers and as the top choice for our customers. By carefully managing costs during lockdowns and having the same margins on sales as before the health emergency, we were able to maintain an adequate level of profitability and pay out dividends in December 2020. Financial management was not significantly affected as a result of lockdowns and allowed us to go ahead with the planned investments.

Considering also the results for 2020, achieved under challenging circumstances, we look forward to 2021 with optimism and we are confident in our ability to deliver positive results, even though the current health emergency still leaves some uncertainty as to how the markets will react. However, the feedback from our top retailers is positive and in line with our expectations."

Net revenues amounted to Euro 26.0 million, compared to Euro 35.0 million in 2019.

EBITDA totalled Euro 3.95 million, compared to Euro 6.78 million in 2019.

EBIT stood at Euro 2.34 million, compared to Euro 5.43 million in 2019.

Net Profit is equal to Euro 1.65 million, compared to Euro 4.85 million in 2019.

Net Financial Position totalled Euro 2.42 million (Euro 0.09 million at 31 December 2019).

At 11:00 a.m. on 9 March 2021, the Chief Executive Officer will discuss the 2020 preliminary financial results during the FOPE INVESTOR DAY, to be held via video conferencing.

The press release is available on the websites www.fopegroup.com and

FOPE (FPE:IM) is a historic Italian jewellery company established in Vicenza in 1929 and a leader in the fine jewellery market. With Euro 35 million in revenues in 2019, 46 employees, and a strong international presence (it generates 82% of its revenues abroad), FOPE pursues a strategic growth project based on expanding and consolidating the brand in the international luxury market by leveraging 4 competitive advantages: product quality, perfect combination of Made-in-Italy craftsmanship and technology, recognisable design, and long-standing customer relationships. FOPE operates globally through a well-established and select network of over 600 stores in 50 countries (with a direct presence in the US, Arab, and UK markets through the subsidiaries FOPE USA Inc., FOPE Services DMCC, and FOPE Jewellery Limited, respectively). The business model focuses on maintaining direct business relationships with multi-brand jewellery retailers (either independent or part of groups) that specialise in luxury products such as fine jewellery and watches. FOPE does not work with intermediaries: instead, it enters into direct partnerships that ensure the loyalty and reliability of the customer/retailer as well as an outstanding after-sale service. In 2015, the Company opened its first mono-brand store in Venice's Piazza San Marco and in 2019 a flagship boutique in the prestigious Old Bond Street in London. The entire production cycle—from prototyping to the shipping of finished jewels to over 50 countries— takes place inside the headquarters in Vicenza. FOPE's investments in R&D have led to an extremely high level of standardisation and automation, with proprietary technology that allows to optimise processes and times in order to deliver products of world-class quality. FOPE's jewels range from timeless classics featuring the iconic Novecento mesh to the more recent Flex'it lines, which include the original bracelets made flexible thanks to a patented system of tiny gold springs embedded in the mesh—strikingly elegant collections that always stand out in terms of comfort and portability. FOPE has obtained the voluntary TF (Traceability & Fashion) certification and is a certified member of the Responsible Jewellery Council.

ISIN of FOPE ordinary shares: IT0005203424 –ISIN of "FOPE POC 4.5% 2016-2021": IT0005203671

CONTACTS

FOPE

INVESTOR RELATIONS MANAGER Diego Nardin, inv.relations@fope.com│ T +39 0444 286911

IR TOP CONSULTING

INVESTOR RELATIONS Maria Antonietta Pireddu, m.pireddu@irtop.com │ Federico Nasta, f.nasta@irtop.com | T +39 0245473884 FINANCIAL MEDIA RELATIONS Domenico Gentile, d.gentile@irtop.com │ Antonio Buozzi, a.buozzi@irtop.com | T +39 0245473884

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