Intercos — Earnings Release 2025

May 7, 2025

IMPORTANT NOTICE

This presentation might contain certain forward-looking statements that reflect the Company's management current views with respect to future events and financial and operational performance of the Company and its subsidiaries.

This presentations is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. These forward-looking statements are based on Intercos current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Intercos to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein which are made only as of the date of this presentation. Intercos 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. Stefano Zanelli, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no.58 of February 24, 1998,

Any reference to past performance or trends or activities of Intercos shall not be taken as a representation or indication that such performance, trends or activities continue in the future.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of Intercos.

Intercos securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

the accounting information contained herein correspond to document results, books and accounting records.

1Q25 Results Overview

• 1Q25 Net Sales amounted to €250.8m (+13.4% at reported FX, and +13.1% at constant FX), increasing by +€29.7m compared to 1Q24. Despite a challenging start of the growth, with multinationals recovering well vs. 1Q24.
• 1Q25 Adjusted EBITDA was equal to €29.3m (+40.6% vs. 1Q24), growing by +€8.4m vs. LY. The growth was driven by higher sales but even more by higher profitability, which grew by +225Bps vs. 1Q24. Last Twelve Months Adj. EBITDA surpassed €150m.
• 31Mar25 Net Debt stood at €126.9m, or €84.4m once the IFRS16 impact is excluded, reflecting a slight increase mainly due to the expansion plans currently undergoing. Leverage ratio (Net Debt on LTM Adjusted EBITDA) amounted to 0.84x, well below the 1x threshold.

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Outlook & Guidance

	Outlook & Guidance
Topic	Update
Where we stand	Innovation continues to be central to our business model and it ensures the unique position of our Group in the global Beauty market. This is all the more critical in a context of general market softness as brands tend to beef up their innovation pipeline to sustain market shares. In addition to this, diversification is another pillar of our Group, becoming more and more important nowadays. During Cosmoprof, the biggest Beauty fair worldwide, the Group had approx. 450 meetings with customers, interested in discovering new trends and new formulations proposed by Intercos for the years to come. We continue to develop new formulations and new patents, developed regionally for the local markets in which we and our clients operate.
Current Scenario and our view	In a context of trade wars triggered by tariff policies, Intercos continues to benefit from the high level of diversification that sets the Group apart: with two manufacturing plants in the USA, one in Brazil, five in Italy, one in Switzerland, one in Poland, one in India, four in China, and one in South Korea, Intercos' presence, close to end markets, represents a natural alternative in the global Beauty landscape, that can provide innovation to clients in a more efficient way. We believe that, in the current environment, the Group's widespread geographic footprint will, in the medium term, provide strong alternatives for the supply chains of Beauty brands around the world, which are reasonably expected to increase the outsourcing production for products to be launched in various markets. On top of this, main part of Intercos' direct competition won't have the possibility to switch production from one plant to another like our Group can do, as they normally leverage on a regional presence only.
Updated FY25 Guidance	The Group confirms therefore the FY25 Net Sales expected to increase vs. FY24 in a range between +5%/+7% at constant FX, also thanks to the good order-in-take development.

For the purpose of providing information in line with the performance analysis and control parameters of the Group, non-IFRS alternative performance measures are used by management to provide information for a better assessment of the results of operations and the financial position of the Group as described below. Such performance measures should not be interpreted as a substitute for the conventional performance measures established by IFRS. The details of the content of the alternative performance measures not arrived at directly from the financial statements are defined as follows: • EBITDA: is defined as the sum of profit for the year plus income taxes, financial income and expenses and the effects of the valuation of investments using the equity method net of

• equity investments held for financial investment purposes and amortization, depreciation and write-downs.
• Adjusted EBITDA: is given by EBITDA less items of a non-recurring nature, that is, by particularly significant events that are not in the ordinary course of business or that have no effect on cash flows and/or changes in equity.
• Net indebtedness (cash) or net financial position/net debt: is given by the sum of current and non-current financial payables net of current and non-current financial receivables, including cash and cash equivalents.