Intercos — Earnings Release 2023

May 4, 2023

First quarter revenues up 34% Adjusted EBITDA up 56%

Agrate Brianza, May 4, 2023 - The Board of Directors of Intercos S.p.A. (ICOS.MI), at today's meeting chaired by Dario Gianandrea Ferrari, approved the Interim Report for the period ended March 31, 2023.

• First Quarter 2023 Group Highlights: ^o Net Sales of €234.6 million, up 34.3% (+33.3% at constant exchange rates) on the first quarter of 2022. The particularly strong performances of our American and European customers continue. We highlight the Make-
• up and Hair&Body business unit growth. ^o Adjusted EBITDA in Q1 2023 of €29.8 million, up 56% (+€10.7 million) on the first three months of the previous year. The adjusted EBITDA margin on net sales increased significantly (12.7%) on the same period of 2022 (+177 Bps). ^o Net Financial Position of €96.7 million, decreasing €58.1 million on March 31, 2022, and substantially in line with December 31, 2022. Financial leverage (net financial position on adjusted EBITDA over the last twelve months) of 0.73x (-0.75x vs. March 31, 2022). ^o ESG: The new Sustainability Report was published on Intercos' corporate website.

Renato Semerari, CEO of Intercos "Sales saw strong growth of 34% in the first three months of 2023. This trend benefited considerably from the swift supply chain improvement which, together with increased inventories in 2022, allowed for significantly improved production planning at the manufacturing sites globally. All business units reported growth, with makeup up 35%, Hair&Body 53% and skincare 8%. Margins also significantly rose over the previous year, with EBITDA on net sales at 12.7%. The improved profitability, together with the increased sales, supported EBITDA growth of 56% in the first three months of 2023 over the same period of the previous year. The order intake for the Makeup and skincare business units remained solid also in the months of March and April, while Hair&Body continue to benefit from the new projects, primarily with Dolce&Gabbana Beauty, and the significant growth of the fragrances market. We continue to see strong end-consumer demand both in Europe and America, while the Chinese market although seeing clear signs of recovery - has not yet returned to previous growth levels. The sector's largest global trade fair Cosmoprof this year reflected the renewed vibrancy of our market. Asian customers returned inperson in large numbers, while new countries (mainly India) indicated an unprecedented interest in our industry. We are again greatly satisfied with the Q1 2023 performance in EMEA, USA and Korea, with the Emerging Brands continuing to be increasingly key Beauty market players, while the multinationals continue to show growing confidence in our capacity to innovate, manage formulation manufacturing complexities and in our geographic diversification, which places us as a partner of choice close to all end markets globally. The results to date allow us to look to the rest of the year with confidence and thanks to the greater supply chain reliability to revise upwards our previously announced revenue expectations for 2023, which now indicate fullyear growth of between 12% and 14% at constant exchange rates".

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

Sales by Business Unit, Commercial area, customer segment

Sales by Business Unit, Commercial area, customer segment
€/mln	1Q23	1Q22	Var.	% vs. 1Q22
Business Unit
Make-up	147.8	109.2	38.6	35.3%
Skincare	32.1	29.8	2.4	7.9%
Hair&Body	54.7	35.6	19.0	53.4%
Total Net Sales	234.6	174.6	59.9	34.3%
Commercial Company
EMEA	127.1	88.0	39.1	44.4%
Americas	72.4	56.7	15.8	27.8%
Asia	35.1	29.9	5.1	17.1%
Total Net Sales	234.6	174.6	59.9	34.3%
Customer Type
Multinationals	127.5	98.7	28.8	29.1%
Emerging Brands	86.5	55.3	31.3	56.5%
Retailers	20.5	20.6	(0.1)	(0.4%)
Total Net Sales	234.6	174.6	59.9	34.3%

• The Make-up segment reported revenues of €147.8 million, up 35.3%. Growth was seen across all commercial areas, primarily Europe, followed by the Americas and Asia (including China and across all customer segments). Both the prestige and mass segments saw significant growth. - Skincare in Q1 reported revenues of €32.1 million. The increase of 7.9% was due to the strong North American performance. - Hair & Body reported revenues of €54.7 million, growth of 53.4% on 2022. As previously announced, also thanks to the recent agreement with a number of new brands, including Dolce&Gabbana Beauty, we forecast good medium-term growth for this category.

- 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

- In terms of sales by commercial area: EMEA reports revenues of €127.1 million, up 44.4% on Q1 2022. Growth was mainly within the Hair&Body and Make-up Business Units and across all customer segments (chiefly the Emerging Brands). The prestige segment saw the strongest growth, while the mass segment also saw sustained growth. - The Americas reported revenues of €72.4 million, up 27.8% on the previous year. Make-up and skincare reported sustained growth, while in terms of customer segment, the Emerging Brands grew substantially, followed by the multinationals. Growth was reported on both the mass and prestige segments. - Asia reports quarterly revenues of €35.1 million, increasing 17.1% on 2022. The main contribution came from Korea, particularly in the prestige segment, which continues to indicate sustained growth rates. China indicated its first signs of recovery, reporting slight growth for the quarter. Finally, with regards to sales by customer segment: - Multinational customers reported revenues of €127.5 million, up 29.1%, supported by excellent performances principally in EMEA and USA and across all business units. - Emerging Brand customers continued to see the strongest growth, reaching €86.5 million (+56.5%). The

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improvement was apparent across all commercial areas and the Make-up and Hair&Body business units. - Retailer customers reported revenues of €20.5 million, substantially in line with the previous year. In terms of the sales breakdown by customer segment, 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. This reclassification was applied also to the 2022 comparative figures. Consolidated EBITDA Group Adjusted EBITDA in Q1 2023 was €29.8 million, up €10.7 million (+56%). The growth, in excess of revenue

achieving this result.

Innovation continues to be central to our business model and is the key factor behind our Group's continued position as a major global beauty industry player. During Cosmoprof, we welcomed around 350 customers, from multinationals to emerging brands, interested in discovering the new trends and formulations proposed by Intercos for the years to come. We continue to develop new formulations and new patents. In this regard, we have recently patented phytocerasome, a new skincare active ingredient, which we also use on powders and mascaras and other cosmetic lines, following the "skinification" trend. The macroeconomic environment, while still uncertain, is more predictable than the previous year, particularly with regards to input cost volatility. The most significant expected cost increase for 2023 remains salaries, although we expect the already agreed prices increases with customers - effective from the second quarter of 2023 - to limit this impact. The recovery of supply chain reliability and the consequently improved production planning have enabled the Group to significantly boost production volumes and thereby quickly begin the process of dispatching customer orders which, mainly due to outside factors, in 2022 saw ordered product delivery times lengthen. This process is expected to conclude in the second quarter of 2023. In the absence of significant recessionary events, the main external factors which were particularly evident in the first six months of 2022 should now be more manageable. We have therefore - and also in light of the Outlook & Guidance

expected 2Q23 strong growth - revised 2023 guidance upwards. The Group now forecasts for 2023 net sales at constant exchange rates in a range of between +12% and +14% (increasing on the +8/+11% announced at year-end 2022). For the reasons outlined above and differing from that occurring in 2022, we expect more even revenue generation for the various quarters of 2023 and growth on the previous year to be mainly concentrated in the first half. The order intake trend for 2023 continues to be solid: - In March/April 2023, the company's order intake (excluding the contract manufacturing business model,

• i.e. Hair&Body) totalled €120 million, in line with the previous year. Also the order intake by business units was in line with the previous year, with Make-up accounting for €98 million and Skincare for €22 million; - In April 2023, the company's Order Book (excluding the contract manufacturing) totalled €319 million, down 7% on the previous year: the improved reliability of the supply chain allowed to deliver to clients part of orders that were delayed during the last twelve months. ⁴ 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

OTHER INFORMATION 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 Q1 2023 results shall be presented to analysts and investors on May 4, 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.com in the "Investor Relations" section at the following link: https://www.intercos-investor.com/investors/documentifinanziari/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 H1 2023 Report August 3, 2023 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 approximately 5,200, 11 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. • 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

⁵ 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

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DISCLAIMER

OTHER INFORMATION 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