Intercos — Earnings Release 2023

Aug 3, 2023

Record sales and EBITDA in the second quarter of 2023. Sales up 33% in the first six months of the year to Euro 488 million, with EBITDA up 38% to Euro 67 million Agrate Brianza, August 3, 2023 - The Board of Directors of Intercos S.p.A. (ICOS.MI), at today's meeting chaired by Dario Gianandrea Ferrari, approved the Half-Year Financial Report for the period ended June 30, 2023. ^o Net Sales of €488.4 million, up +32.7% (+33.3% at constant exchange rates) compared to the first six months of 2022. Growth was across all geographic areas, all business units and all customer types. The solid trend in order intake continues, supported by the excellent flow of new projects, reflecting Intercos' strong innovation. ^o Adjusted EBITDA in the first half of 2023 of €67.4 million, up +38.5% (+€18.7 million) on the previous

• year. The excellent performance benefitted from the extremely positive sales and improved productivity, which drove the Adjusted EBITDA margin on Group sales to 13.8% from 13.2% in the previous year. Adjusted EBITDA on net sales excluding packaging costs (value added sales) was 17.2% (15.9% in the first half of 2022). ^o Adjusted Net Profit of €26.9 million, up +29.6% (+€6.1 million) on the first six months of 2022. Excluding the adjustments, the Group Consolidated Profit was €25 million, up +37.3% on the previous ^o Net Financial Position of €122.7 million, improving €2.4 million on June 30, 2022. Financial leverage (net financial position on adjusted EBITDA) is 0.87x (1.18x at June 30, 2022). The slight increase in the net debt in the first six months of the year of €32 million is entirely due to the payment of dividends and the non-cash accounting impact of a number of existing lease renewals.
• year.
• ^o The UNHCR, UN Refugee Agency, a global organisation dedicated to protecting the rights of and building a better future for people forced to flee their countries due to conflict and persecution, has granted two of the Group's main subsidiaries, Intercos Europe S.p.A. and Cosmint S.p.A., the 'Welcome - Working for refugee integration' award, 2022 edition. This important recognition underscores Intercos' commitment to the roll out of training and vocational inclusion programmes that provide professional and life opportunities to refugees. In our journey toward a more inclusive society, we seek to give a voice and value to the talents of refugees, as we believe in the right of everyone to be able to express themselves fully. INTERCOS S.P.A. - REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 - 20123 MILAN (MI) - SHARE CAPITAL EURO 11,300,256.00 FULLY PAID-IN ¹ COMPANIES REG. 05813780961 - R.E.A. 1850176 - TAX CODE AND VAT NUMBER 05813780961 - VAT NUMBER FOR EU TRANSACTIONS IT 05813780961 OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 - 20864 AGRATE BRIANZA (MB) - TEL. +39-03965521 (10 LINES) - FAX +39-039654498

Renato Semerari, CEO of Intercos "Our Group once again returned significant growth in the first half of 2023, with Intercos reporting a record second quarter, both in terms of sales and of EBITDA generation. Revenues in the first six months were up 33% on the previous year. Adjusted EBITDA also saw double-digit growth, up 38%

on the comparative period. We are even more satisfied considering a longer timeframe: compared to the FY 2021 results, the first year of Intercos' listing, sales and EBITDA for the last twelve months to June 30, 2023 were up +42% and +39% respectively. Looking to the results by business unit, in the first six months of 2023 all units grew on the previous year. Make-up was up +29% in terms of sales and +36% in terms of EBITDA, skincare by +10% in terms of sales and +8% in terms of EBITDA, while Hair and Body, benefiting from a number of new commercial agreements, including that signed with Dolce&Gabbana, grew by +70% in terms of sales, while almost doubling H1 2022's EBITDA. Analysing trends by geographic area and customer type, all clusters have grown robustly on the previous year, with China seeing double-digit increases, Korea continuing on its strong growth trajectory, and EMEA and the U.S. outperforming the general market, reflecting the continued Group market share expansion and a general increase in Beauty market outsourcing. In terms of market segments served, we highlight that - despite double-digit growth for both the mass/prestige segments in the first six months of the year - the mix has gradually shifted, with the mass segment growing at a greater pace than the prestige segment. The diversification of our business has thus once again enabled us to mitigate a number of industry macro trends, primarily the sluggish recovery of the Chinese market. At the same time, we have benefitted from two key factors: (i) the supply chain improvement, which - partly due to the increase

in inventories in 2022 - has allowed us to improve production planning and therefore significantly cut finished product delivery times to customers; and (ii) inflation, which although still present, is less volatile and thus more predictable than last year. We believe that ongoing investment in innovation underlies our Group's success. This is confirmed by analysing orders received in the first half of the year. In fact, amid declining reorders - an expected consequence of a decrease in delivery times and a realignment of customer inventories - orders for new projects have increased significantly, allowing for an order book of over Euro 300 million to be maintained, despite the significant acceleration in sales over the last twelve months.

As already outlined, following the strong growth in the first half of 2023 and the second half of 2022, we expect results to consolidate in the second half of 2023, and therefore to be substantially in line with the second half of the previous year."

INTERCOS S.P.A. - REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 - 20123 MILAN (MI) - SHARE CAPITAL EURO 11,300,256.00 FULLY PAID-IN ² - COMPANIES REG. 05813780961 R.E.A. 1850176 - TAX CODE AND VAT NUMBER 05813780961 - VAT NUMBER FOR EU TRANSACTIONS IT 05813780961 OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 - 20864 AGRATE BRIANZA (MB) - TEL. +39-03965521 (10 LINES) - FAX +39-039654498

Group Highlights

Group Highlights
€/mln	1H23	1H22	% vs. 1H22	2Q23	2Q22		% vs. 2Q22
Net Sales	488.4	367.9	32.7%	253.8	193.3		31.3%
Industrial gross profit	100.9	76.4	32.1%
% on net sales	20.7%	20.8%	(10Bps)
Adjusted EBITDA	67.4	48.7	38.5%	37.5	29.5		27.1%
% on net sales	13.8%	13.2%	57Bps	14.8%	15.3%		(49Bps)
EBITDA	64.8	45.1	43.4%
% on net sales	13.3%	12.3%	99Bps
EBIT	42.9	24.4	75.5%
% on net sales	8.8%	6.6%	214Bps
PBT	35.6	26.6	34.0%
% on net sales	7.3%	7.2%	7Bps
Net Income	25.0	18.2	37.3%
% on net sales	5.1%	5.0%	17Bps
Adjusted Net Income	26.9	20.8	29.6%
% on net sales	5.5%	5.6%	(13Bps)
Sales by Business Unit, Commercial area, customer type
€/mln	1H23	1H22	Var. % vs. 1H22	2Q23	2Q22	Var.	% vs. 2Q22
Business Unit
Make-up	304.2	236.6	67.6 28.6%	156.4	127.4	29.0	22.8%
Skincare	72.1	65.3	6.7 10.3%	39.9	35.5	4.4	12.3%
Hair&Body Total Net Sales	112.1 488.4	66.1 367.9	46.1 69.8% 120.4 32.7%	57.5 253.8	30.4 193.3	27.1 60.5	88.9% 31.3%
Commercial Company

Sales by Business Unit, Commercial area, customer type

Sales by Business Unit, Commercial area, customer type
€/mln	1H23	1H22	Var.	% vs. 1H22	2Q23	2Q22	Var.	% vs. 2Q22
Business Unit
Make-up	304.2	236.6	67.6	28.6%	156.4	127.4	29.0	22.8%
Skincare	72.1	65.3	6.7	10.3%	39.9	35.5	4.4	12.3%
Hair&Body	112.1	66.1	46.1	69.8%	57.5	30.4	27.1	88.9%
Total Net Sales	488.4	367.9	120.4	32.7%	253.8	193.3	60.5	31.3%
Commercial Company
EMEA	258.2	176.7	81.6	46.2%	131.1	88.6	42.5	48.0%
Americas	151.4	124.5	26.9	21.6%	78.9	67.8	11.1	16.3%
Asia	78.8	66.8	12.0	18.0%	43.7	36.8	6.9	18.7%
Total Net Sales	488.4	367.9	120.4	32.7%	253.8	193.3	60.5	31.3%
Customer Type
Multinationals	254.8	209.5	45.3	21.6%	127.2	110.7	16.5	14.9%
Emerging Brands	187.1	115.3	71.8	62.3%	100.6	60.0	40.6	67.6%
Retailers	46.5	43.2	3.3	7.7%	26.0	22.6	3.4	15.1%
Total Net Sales	488.4	367.9	120.4	32.7%	253.8	193.3	60.5	31.3%

Sales by Business Unit, Commercial area, customer type

Group sales in the first six months of 2023 hit a record €488.4 million, up +32.7% (+33.3% at constant exchange rates). In particular, the second quarter reported record revenues of €253.8 million, up +31.3%, despite unfavorable exchange rate fluctuations (sales up +33.8% at constant exchange rates).

• Analysing revenues by business unit: The Make-up segment reported revenues of €304.2 million, up +28.6%. After a first quarter of strong growth, the business unit's excellent performance continued into the second quarter of the year. All geographical areas and customer types saw significant growth: excellent performances in Asia and EMEA, of the Emerging brands and of the multinationals. Retailers recovered well in the second quarter.
• Skincare reports revenues of €72.1 million in the period, up +10.3% on the first half of 2022. The good performance was driven, as in the first quarter, by the North American customers. Good performances were seen by the Multinationals and the Emerging Brands. The good performance of the business unit in the second quarter was in line with the first three months of the year. In terms of sales by commercial area: - EMEA is the best performing geographic area, reporting revenues of €258.2 million, up +46.2% on the first six months of 2022. All Business Units, customer types and market segments (mass and prestige) reported growth. The Hair & Body and Make-up business units reported excellent performances, as did the Emerging Brands, which further drove the area's growth in the second quarter of the year.

• Hair & Body reported sales of €112.1 million, growth of +69.8%. This boost confirms the excellent growth rates expected in view of the new agreements signed with a number of brands, including Dolce&Gabbana, as reflected also in the further acceleration in the second quarter of the year (+88.9%).

• The Americas posted revenues of €151.4 million, up +21.6% on the first half of 2022. This growth was supported by the excellent results delivered by all Business Units, with both the Emerging Brands and Multinationals performing well. The Q2 performances were also strong. - Asia reported revenues of €78.8 million, up +18% on the first six months of 2022. Both China and Korea contributed positively to this result, particularly in the Make-up segment. This geographic area saw excellent performances, even though the Chinese market has not yet shown tangible signs of recovery on 2022. We underline that Group sales in China saw double-digit growth in the second quarter of the year.

• INTERCOS S.P.A. REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 20123 MILAN (MI) SHARE CAPITAL EURO 11,300,256.00 FULLY PAID-IN - COMPANIES REG. 05813780961 R.E.A. 1850176 - TAX CODE AND VAT NUMBER 05813780961 - VAT NUMBER FOR EU TRANSACTIONS IT 05813780961 OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 - 20864 AGRATE BRIANZA (MB) - TEL. +39-03965521 (10 LINES) - FAX +39-039654498

• Finally, with regards to sales by customer type: Multinational customers reported revenues of €254.8 million, increasing +21.6%, thanks to all Business Units. The US and EMEA performances were excellent also in the second quarter of the year. - The Emerging Brands customers, as in the past, were confirmed as the main growth driver, reaching revenues of €187.1 million (+62.3%). Both the mass and prestige segments reported growth and particularly the US and EMEA areas. All geographic areas however reported significant increases on the previous year. The positive trend strengthened during the second quarter of the year. - Retailer customers saw an excellent performance, with revenues of €46.5m, up +7.7%, thanks to a very strong trend in the second quarter (+15.1%), mainly driven by the EMEA area. From the first quarter of 2023, the classification of a number of customers was reviewed in order to reflect certain Emerging Brands being acquired by multinationals and other retailers which, developing their proprietary brands, have expanded their distribution channels.

EBITDA

Strong sales growth and increasing profitability supported the marked EBITDA growth in the first half of 2023. Group Adjusted EBITDA in H1 2023 was €67.4 million, up +38.5% (or +€18.7 million). The second quarter of the year therefore continued the growth returned in the first quarter, up +27.1% (or +€8 million). Adjusted EBITDA on net sales was equal to 13.8%, up +57Bps on the first six months of 2022. The increase in profitability is an excellent result also in view of the increase in packaging sold for our products, on which the Group does not generate profits, and the better-than-expected Hair&Body business unit growth, which - as featuring lower profitability than Make-up and Skincare - inevitably has a dilutive impact on the Group profitability. Adjusted EBITDA on value added sales (sales net of packaging costs) was 17.2%, up +129Bps on the first six months of 2022. Excluding the adjustments, Group EBITDA was therefore €64.8 million, up +43.4% on the previous year, thanks to a reduction in non-recurring charges. For further details on non-recurring costs, reference should be made to page 11 of this Press Release.

• significant improvement in industrial productivity, which has increased the profitability of the business unit (+140Bps). As indicated last year, in the first half of 2022, the Hair & Body business unit, still essentially operating according to a contract manufacturing model, was that most exposed to changes in the product mix, production efficiency and energy prices. Net Profit for the period The Group Adjusted Net Profit was €26.9 million, up +29.6% (or +€6.1 million). The increase on the first half

of 2022 was entirely due to the higher EBITDA, partially offset by increased amortisation and depreciation, income taxes and realised and unrealised currency impacts, which in the first six months of the last year benefitted from extremely positive currency fluctuations. The Group Net Profit was €25 million, which includes non-recurring charges and the relative tax impact, increasing 37.3%, also thanks to the lower nonrecurring charges. For further details on the difference between the Adjusted and Unadjusted Result, reference should be made to page 11 of this Press Release. INTERCOS S.P.A. - REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 - 20123 MILAN (MI) - SHARE CAPITAL EURO 11,300,256.00 FULLY PAID-IN ⁶ - COMPANIES REG. 05813780961 R.E.A. 1850176 - TAX CODE AND VAT NUMBER 05813780961 - VAT NUMBER FOR EU TRANSACTIONS IT 05813780961 OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 - 20864 AGRATE BRIANZA (MB) - TEL. +39-03965521 (10 LINES) - FAX +39-039654498

Flow	and Net Financial Debt €/mln
Cash
		1H23	1H22	Var.
	Adjusted EBITDA	67.4	48.7	18.7
	Adjustments (*)	(0.7)	(1.7)	1.0
	Change in Trade Working Capital	(24.7)	(39.3)	14.6
	Other changes in Working Capital	14.7	14.5	0.2
	Capex (**)	(49.3)	(21.0)	(28.2)
	Operating Cash Flow	7.4	1.1	6.3
	Changes in long term Assets & Liabilities	(4.1)	(3.1)	(1.1)
	Fin. Expenses	(7.2)	2.2	(9.4)
	Income taxes	(10.6)	(8.4)	(2.3)
	Other changes in Equity and others	(3.0)	9.7	(12.7)
	Cash Flow before dividends	(17.6)	1.5	(19.1)
	Dividends distribution	(14.4)		(14.4)
	Cash Flow (**)	(32.0)	1.5	(33.5)
	() considering only the portion of adjustments at EBITDA level with monetary impact and which in the first half of the year amounted to €0.7 million out of total adjustments of €2.6 million. (*) Investments also take into account the portion of capitalisations resulting from IFRS16 accounting, which, following the renewal of certain lease contracts, resulted in an increase in net capex of €23.5 million and of the net financial debt by €19.9 million in the first 6 months of 2023 (€0.5 million in the first half of 2022).
Net Financial	Position
	€/mln	Jun23	Jun22	Var.
		122.7	125.1	(2.4) (0.31x)
	Net Debt Leverage Ratio (*)	0.87x	1.18x

€/mln	Jun23	Jun22	Var.
Net Debt	122.7	125.1	(2.4)
Leverage Ratio (*)	0.87x	1.18x	(0.31x)
(*) Coloulated as the Net Einensial Desition / Adjusted EDITDA over the lest twelve menths

Operating cash flow for the first six months was €7.4 million, up +€6.3 million on the previous year due to higher EBITDA and better working capital management. The increase of trade working capital was mainly due to the higher trade receivables as a result of the significant increase in sales. The result is even more significant considering that the investments of €49.3 million reflect an increase in extraordinary capitalisations of €23.5 million resulting from the IFRS16 accounting impact, due to the renewal of certain rents. Net cash flow before dividends for the first half of 2023 was negative and equal to -€17.6 million, following the exceptional payment related to a dispute previously accrued (amounting to €5 million), higher taxes, and the more unfavorable exchange rates impact compared to the previous year. Despite the increase in net financial debt due to the extension of certain existing leases following IFRS16 accounting (€20.8 million in the second quarter of the year alone) and the payment of €14.4 million of dividends, the Net Financial Debt at June 30, 2023 was €122.7 million, an improvement of €2.4 million compared to June 30, 2022. Leverage is now 0.87x and has decreased 0.31x over the last twelve months. INTERCOS S.P.A. - REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 - 20123 MILAN (MI) - SHARE CAPITAL EURO 11,300,256.00 FULLY PAID-IN - COMPANIES REG. 05813780961 R.E.A. 1850176 - TAX CODE AND VAT NUMBER 05813780961 - VAT NUMBER FOR EU TRANSACTIONS IT 05813780961 OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 - 20864 AGRATE BRIANZA (MB) - TEL. +39-03965521 (10 LINES) - FAX +39-039654498

The excellent results for the first half of the year confirm our previously announced expectations that 2023's growth would be concentrated in the first six months of the current year. Recessions have not yet emerged and our target markets continue to demonstrate significant resilience particularly in Europe, but also in the United States. Inflation appears more predictable, and western country Central Banks policies may soon shift toward a more accommodative monetary policy stance than that seen to date. Chinese consumption is meanwhile struggling to rebound at the expected rate, and Asian market visibility for the second half of the year still remains limited.

Our Order Book at the end of the first six months of 2023 is robust, and it allows us to look to the second half of 2023 with confidence, although a differing customer and product mix than the previous year has emerged, with a greater mass segment concentration and with full service sales expected to increase (and therefore with an increase in sales with a greater packaging component compared to the first half of the year). The Hair&Body business unit continues to grow strongly, thanks in part to a fragrance market which is demonstrating exceptional growth rates. Based on that reported, and in consideration of the significant growth achieved over the last twelve months, we forecast a consolidation of results in the second half of 2023, and therefore in line with the previous year. In particular, we particularly expect H2 2023 sales to increase slightly over the same period of 2022 and EBITDA in line with the previous year. This is based on, as previously outlined, a differing mix of products sold and better-than-expected Hair&Body Business Unit growth. In May-June 2023, the Company's order in-take (excluding contract manufacturing, and in particular the Hair&Body Business Unit) reached €118 million (+€12 million or +12% over the previous year), of which €22 million related to skincare (+€5 million or +29% over 2022) and €96 million related to make-up (+€7 million or +8%). The Order Book at the end of June 2023 totaled €308 million, a decrease of 10% on the previous year due

to improved supply chain reliability that allowed for the fulfilment of a portion of orders from customers that had been subject to delivery delays.

INTERCOS S.P.A. - REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 - 20123 MILAN (MI) - SHARE CAPITAL EURO 11,300,256.00 FULLY PAID-IN ⁸ - COMPANIES REG. 05813780961 R.E.A. 1850176 - TAX CODE AND VAT NUMBER 05813780961 - VAT NUMBER FOR EU TRANSACTIONS IT 05813780961

The Half-Year Financial Report for the period ended June 30, 2023 approved today by the Board of Directors will be made available in accordance with the legally-established deadlines and means. DECLARATION OF THE EXECUTIVE OFFICER FOR FINANCIAL REPORTING Mr. Pietro Oriani, as Executive Officer for Financial Reporting, declares - in accordance with paragraph 2, Article 154-bis of Legislative Decree No. 58/1998 ("Consolidated Finance Act") - that the accounting information included in this press release corresponds to the

underlying accounting records. RESULTS PRESENTATION CONFERENCE CALL The H1 2023 results shall be presented to analysts and investors on August 3, 2023 at 6.30 PM (CET). The conference may be followed by connecting to the following numbers: +39 02 8020911 (from Italy), +44 1 212818004 (from UK), +1 718 7058796 (from USA), (for journalists +39 02 8020927). The supporting presentation for the conference call shall be made available on the company website www.intercos-investor.com in the "Investor Relations" section at the following link: https://www.intercosinvestor.com/investors/documenti-finanziari/presentazioni/ and on the storage mechanism at . From the day subsequent to the call, a recording of the call shall be made available on the same website. UPCOMING FINANCIAL CALENDAR EVENTS IDENTIFICATION CODES ISIN Code of the Shares: IT0005455875 Symbol: ICOS INTERCOS GROUP

Q3 2023 Report November 6, 2023

Intercos is one of the leading business-to-business operators internationally in the creation, production and marketing of cosmetics (Make-up) and Skincare products, in addition to hair and body care products (Hair&Body), for leading domestic and international brands, emerging brands and retailers serving the cosmetics market and the wider beauty sector. Founded in 1972 by Dario Ferrari, Intercos lists the top cosmetics brands among its customers, with a staff of 6,400, 12 research centers, 16 production facilities and 16 commercial offices across three continents. Intercos for 50 years has interpreted beauty, creating cosmetic products and becoming a trend setter which predicts, anticipates and influences new cosmetic trends, meeting the demands of a range of customers with products for all price ranges. NOTE AND DEFINITIONS Alternative performance measures, not covered by IFRS, are used by management for a better assessment of the Group's operating and financial performance and are in line with the Group's performance policies and control parameters. These measures should not be considered to replace those set out in the IFRS. The alternative performance measures not stemming directly from the financial statements are outlined below: • EBITDA: this is defined as the sum of net profit for the period, plus income taxes, financial income and expense, and the effects of valuing equity investments held as financial investments using the equity method and amortisation and depreciation. • Adjusted EBITDA: this is obtained by deducting from EBITDA those components evaluated by the Company as non-recurring, i.e., particularly significant events that are not linked to the ordinary performance of the core businesses or that do not determine cash flows and/or changes in the amount of equity.

INTERCOS S.P.A. - REGISTERED OFFICE: PIAZZA GENERALE ARMANDO DIAZ NO. 1 - 20123 MILAN (MI) - SHARE CAPITAL EURO 11,300,256.00 FULLY PAID-IN - COMPANIES REG. 05813780961 R.E.A. 1850176 - TAX CODE AND VAT NUMBER 05813780961 - VAT NUMBER FOR EU TRANSACTIONS IT 05813780961

OPERATIONAL HEADQUARTERS: VIA G. MARCONI, 84 - 20864 AGRATE BRIANZA (MB) - TEL. +39-03965521 (10 LINES) - FAX +39-039654498

• Adjusted Net Profit: this is obtained by deducting from profit those components evaluated by the Company as non-recurring, i.e., particularly significant events that are not linked to the ordinary performance of the core businesses or that do not determine cash flows and/or changes in the amount of equity and the relaive tax impacts. • Net debt (cash) or net financial position: the sum of current and non-current financial payables, net of current and non-current financial receivables, including cash and cash equivalents; Other definitions: - Rep Fx: percentage change at current exchange rates. - C Fx : percentage change at constant exchange rates. - Order-in-take: means all orders legally placed and processed by a company during the accounting period or fiscal year under review. - Order Book: open order book at a certain date

DISCLAIMER

The information presented in this document has not been audited. This document may contain forward-looking statements relating to future events and results of operations, financial positionand cash flows of Intercos. These statements by nature contain an element of risk and uncertainty in that they depend on future events and developments. The actual results may even diverge significantly from those announced, due to a range of factors. Via Privata Maria Teresa, 11 20123 – Milan

CONTACTS

Media Relations: Image Building Tel. +39 02 89011300 intercos@imagebuilding.it

Investor relator:

Intercos S.p.A. Andrea Tessarolo tel. +39 039 65521 investor.relations@intercos.com

APPENDIX

APPENDIX Reclassified Consolidated Income Statement €/mln 1H23 1H22 Delta Var.% Net Sales 488.4 367.9 120.4 32.7% COGS (387.5) (291.6) (95.9) 32.9% Industrial gross profit 100.9 76.4 24.5 32.1% % on net sales 20.7% 20.8% Research & Development and innovation costs (20.0) (18.4) (1.6) 8.7% Selling expenses (15.3) (13.8) (1.5) 10.5% General and administrative expenses (24.4) (22.1) (2.3) 10.4% Other operating income (expenses) 1.7 2.4 (0.7) (29.5%) Operating Profit (EBIT) 42.9 24.4 18.5 75.5% % on net sales 8.8% 6.6% D&A () (21.9) (20.7) (1.2) 5.6% EBITDA 64.8 45.1 19.6 43.4% Adjustements () (2.6) (3.5) 0.9 Adjusted EBITDA 67.4 48.7 18.7 38.5% % on net sales 13.8% 13.2% Financial income (expenses) (7.2) 2.2 (9.4) n.a. Profit before taxes (EBT) 35.6 26.6 9.0 34.0% Income taxes (10.6) (8.4) (2.3) 26.9% Net income 25.0 18.2 6.8 37.3% (1.9) Adjustments () (2.5) 0.7
Adjusted Net income 26.9 20.8 6.1 29.6%
(**) All functional areas include amortisation and depreciation which are restated here for calculating EBITDA

(**) All functional areas include amortisation and depreciation which are restated here for calculating EBITDA
€/mln 1H23 1H22
IPO costs (0.6)
Management Long Term Incentive Plan (1.8) (1.6)
One-off costs related to re-organizations (mainly personal costs) (0.5) (1.0)
Contribution to the Ukrainan population (0.2)
Other minor one-off costs (0.3) (0.1)
Adjustments (*) at EBITDA level (2.6) (3.5)
Tax impact mainly arising from above adjustments 0.7 1.0
Adjustments (*) at Net Income level (1.9) (2.5)

APPENDIX

APPENDIX Consolidated Balance Sheet €/mln 30Jun23 31Dec22 Delta
Reclassified
Tangible Assets 236.6 214.3 22.3
Intangible Assets 48.3 46.7 1.6
Goodwill 132.9 132.9 0.0
Investments 1.5 1.4 0.1
Deferred tax assets 19.0 17.7 1.3
Other non-current Assets/Liab. (11.8) (14.6) 2.8
Net Non-current Assets 426.6 398.5 28.1
Inventory 196.1 193.7 2.4
Trade Receivables 156.2 141.1 15.1
Trade Payables (177.9) (185.1) 7.2
Other current Assets/Liab. (54.2) (39.6) (14.7)
Net Working Capital 120.2 110.1 10.0
Capital Employed 546.7 508.7 38.1
Net Debt 122.7 90.7 32.0
Equity 424.1 418.0 6.1

€/mln 1H23 1H22 Delta
Cash flows provided by (used in) operating activities 40.4 13.4 27.0
Cash flows provided by (used in) investing activities (24.8) (17.6) (7.2)
Cash flows provided by (used in) financing activities (41.4) (45.6) 4.2
Dividends Distribution (14.4) 0.0 (14.4)
Net increase (decrease) in cash and cash equivalents (40.1) (49.7) 9.6
Cash and cash equivalents, at beginning of the year 183.2 207.0 (23.7)
Of which, change in exchange differences 2.6 (2.6) 5.2
Cash and cash equivalents, at end of the year 140.6 159.8 (19.3)
Net increase (decrease) in cash and cash equivalents (40.1) (49.7) 9.6

APPENDIX

Income Statement from the Notes of the Financial Statements €/mln 1H23 1H22 Delta Var.% Revenues 488.4 367.9 120.4 32.7% Cost of sales (387.5) (291.6) (95.9) 32.9% Industrial Gross Profit 100.9 76.4 24.5 32.1% Research, Development and Innovation Costs (20.0) (18.4) (1.6) 8.7% Selling Expenses (15.3) (13.8) (1.5) 10.5% General and Administrative Expenses (24.4) (22.1) (2.3) 10.4% Other income and expenses 1.7 2.4 (0.7) (29.5%) EBIT 42.9 24.4 18.5 75.5% Financial income 9.1 6.3 2.8 44.5% Financial expense (16.3) (4.1) (12.2) 295.0% EBT 35.6 26.6 9.0 34.0% Income taxes (10.6) (8.4) (2.3) 26.9% Net Profit 25.0 18.2 6.8 37.3%
APPENDIX Consolidated

€/mln 30Jun23 31Dec22 €/mln 30Jun23 ASSETS EQUITY NON-CURRENT ASSETS Share Capital 11.3 11.3 Property, plant and equipment 236.6 214.3 Other reserves 108.5 108.5 Intangible assets 48.3 46.7 Retained earnings 302.2 296.2 Goodwill 132.9 132.9 Total Equity owners of the parent 422.0 416.0 Equity Investments 1.5 1.4 Non-controlling interest equity 2.1 2.0 Deferred tax assets 30.0 29.1 TOTAL EQUITY 424.1 418.0 Other non-current assets 0.9 0.9 LIABILITIES Non-current assets 450.2 425.4 NON-CURRENT LIABILITIES CURRENT ASSETS Bank borrowings and other lenders 203.8 206.7 Inventories 196.1 193.7 Provisions for risks and charges 1.4 6.5 Trade receivables 156.2 141.1 Deferred tax liabilities 11.0 11.4 Other current assets 28.0 30.6 Other non-current liabilities 2.1 0.5 Other financial assets 9.9 11.1 Employee benefits 9.1 8.5 Cash and cash equivalents 140.6 183.2 Non-current liabilities 227.4 233.6 Current assets 530.8 559.7 CURRENT LIABILITIES TOTAL ASSETS 981.0 985.1 Current bank borrowings and other lenders 59.1 69.3 Other financial payables 10.2 9.0 Trade payables 177.9 185.1 Provisions for risks and charges 0.0 0.0 Other current liabilities 82.2 70.2 Current liabilities 329.5 333.5 TOTAL LIABILITIES AND EQUITY
31Dec22
			981.0	985.1