Intercos — Investor Presentation 2023

May 4, 2023

1Q23 RESULTS

Disclaimer

IMPORTANT NOTICE

This presentations is being furnished to you solely for your information and may not be reproduced or redistributed to any other person. 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.

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.

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.

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

Agenda

1Q23 Results overview

1Q23 Results overview
	€m	1Q23	1Q22	% vs 1Q22
	Revenues	234.6	174.6	Rep FX	c FX
	Adj. EBITDA	29.8	19.1	34% 56%	33%
	Adj. EBITDA %	12.7%	10.9%
	Net Debt	96.7	154.8
			1.48x

• 1Q22. Strong performances of American and European customers continued. In terms of business units, Make-up and Hair&Body were the ones growing the most. Supply chain improvement together with the increase in inventories recorded in 2022, allowed to improve production feasibility in all the factories around the world, accelerating deliveries to customers. - 31Mar23 Net Debt stood at €96.7m, reflecting €58.1m improvement vs. 31Mar22. Leverage ratio (Net Debt on LTM Adjusted
• higher profitability vs. last year, which reached 12.7%, +177Bps vs.1Q22.
• EBITDA) amounted to 0.73x (decreasing by more than 50% vs. a year ago).

1Q23 Revenues by BU's

1Q23 Hair & Body	FY22 Hair & Body		1Q22 Hair & Body
23,3% 13,7% 63,0% Skincare Make Up	18,8% 15,7% Skincare 65,5%	Make Up	20,4% 17,0% 62,5% Skincare	Make Up
€m	1Q23	1Q22	% vs 1Q22
Revenues	234.6	174.6	34%
Make Up	147.8	109.2	35%
Skincare	32.1	29.8	8%
Hair & Body	54.7	35.6	53%

• Make-up sharp growth continued (+35% in 1Q23). The growth came from all commercial areas and type of clients and characterized all market segments (i.e. prestige and mass).
• Skincare growth in 1Q23 was mainly driven by US good performance.
• Hair & Body net sales increased significantly in 1Q23. As already anticipated, thanks to the new agreements signed with

1Q23 Revenues by Region (Commercial Company)

• prestige segment growing the most.
• Americas performance was supported by strong results from both Multinationals and Emerging Brands and in both prestige and mass segments.
• Asia 1Q23 good results mainly came from Korea, which continues to outperform significantly the region. Also China has shown positive results in the first quarter of the year.

1Q23 Revenues by Customer Type

by multinationals and other retailers which, by developing their own brands, have expanded their distribution channels. The reclassification was also applied to the comparative 2022 data.

• Multinationals sales grew mainly thanks to US and EMEA. Increase in multinationals' sales characterized all the business units.
• Emerging Brands continued to be the main driver of growth (+57%). Sales increased in all regions and mainly in make-up and Hair&Body.

7

• Retailers 1Q23 performance remained flat vs. last year.

Outlook and Guidance

Outlook and 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. During Cosmoprof, the biggest Beauty fair worldwide, we welcomed approx. 350 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. As an example, we have recently presented to clients products with a new patented active for skincare, the phytocerasome, which will also be used on powders, mascaras, and on other cosmetics, following the "skinification" trend.
Our view	The macroeconomic context, albeit still uncertain, appears to be more predictable than last year and the economic outlook a bit less negative than originally expected. On the inflation side, last year prices volatility has calmed down and main inflation source should now be related to salary increases. We anticipated this effect and the prices increases agreed with clients and effective as of Q2 should cover us from it. The fears of recession and of Beauty consumption declines are not materializing so far. Also, China's expected progressive recovery is materializing. Hence, while remaining prudent, we are more reassured on 2023 underlining market performance. As for Intercos dynamics, the improved reliability of the supply chain allowed the Group to sharply increase production output in 1Q23, reducing part of the order book accumulated in the course of 2022. This trend is expected to continue also in 2Q23.
The new FY23 Guidance	The Group now expects FY23 Net Sales at constant exchange rates to increase vs. FY22 in a range between +12%/+14% (a sharp increase compared to the +8%/+11% communicated at the end of FY22). For the reasons explained above and differently from what happened in FY22, we expect that the generation of revenues during the year will be more homogeneous between the different quarters of FY23 and that, also for comparable reasons, the growth compared to last year will be concentrated in the first half of the current fiscal year.

Outlook and Guidance - Good order-in-take continues

Outlook and Guidance – Supply chain recovery allowed to start to reduce order book, progressively decreasing long lead times Total firm order book evolution by business unit (€m) — excluding contract manufacturing business units (e.g. Hair & Body)

Definitions

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 writedowns. • Order-in-take: indicates the aggregate of legally placed and processed orders by a company during the reporting period. • Order Book: is the order backlog opened at any one given date.
• 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.
• Adjusted Net income: is given by Net income 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 of the related tax impacts.
• 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.
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