Intercos

Quarterly Report • Aug 4, 2025

August 4th 2025

1H25 RESULTS

Disclaimer

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. be relied on in connection with any contract or investment decision relating thereto or constitute a recommendation regarding the securities of Intercos. 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, the accounting information contained herein correspond to document results, books and accounting

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

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.

records.

1H25 Net Sales

€524.9m

+6.1% c.FX vs. 1H24 +5.0%Rep FX vs. 1H24

1H25 Adj. EBITDA

€74.5m

+16.5%or +€10.5m vs. 1H24 14.2% on Net Sales (+140Bps vs. 1H24) 18.2% on Value Added Sales (+176Bps vs.1H24)

Make-up (+17.6%) back to

63% 15% 22% Skincare Hair&Body

30Jun25 Net Debt

0.87x Net Debt to LTM Adj. EBITDA ratio 30Jun25 Net Debt excl. IFRS16 at €95.2m Make-up

Executive Summary

	Executive Summary
	€m	1H25	1H24	% vs 1H24		Despite volatile market
	Revenues	524.9	499.9	Rep FX 5.0%	c FX 6.1%
	Value Added Sales	408.4	388.1	5.2%
	Adj. EBITDA	74.5	64.0	16.5%		market trend.
H	Adj. EBITDA %	14.2%	12.8%	140Bps
1	Adj. EBITDA on VAS %	18.2%	16.5%	176Bps
	Adj. Net Income	20.7	22.9	(9.4%)
	Adj. Net Income %	4.0%	4.6%
	Net Debt	134.5	114.1
	Net Debt/Adj. EBITDA	0.87x	0.85x
	€m	2Q25	2Q24	% vs 2Q24
	Revenues	274.1	278.8	Rep FX	c FX
Q 2				-1.7%	0.5%
	Adj. EBITDA	45.3	43.2	4.8%
	Adj. EBITDA %	16.5%	15.5%	103Bps
	VAS: Value Added Sales = Net Sales – packaging cost

			% vs 2Q24
Q 2

Despite volatile market conditions and unfavourable exchange rates – 1H25 sales growth exceeded the overall market trend. Rep FX c FX 5.0% 6.1%

1H25 EBITDA increased 3x the growth reported at top line level (EBITDA margin +140Bps on Net Sales and +176Bps on VAS).

The increase in EBITDA allowed the Group to offset the negative exchange rates impact at Net income level, which closed just - €2.1m below 1H24.

Sound financial structure with leverage well below 1x with additional expansion capex absorbed.

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Hair & Body 26,7% 56,7% 16,6% Skincare
€m	1H25	1H24	% vs 1H24
Revenues	524.9	499.9	5%
Make Up	333.1	283.4	18%
Skincare	78.1	83.0	(6%)
Hair & Body	113.7	133.5	(15%)
			% vs 2Q24
Revenues	274.1	278.8	(2%)
Make Up	175.6	155.5	13%
Skincare	42.7	43.6	(2%)
	€m	Make Up 2Q25	2Q24

	€m	2Q25	2Q24	% vs 2Q24
Q 2

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• quarters.

Asia	20,2%
27,1%	52,7% EMEA
	€m	1H25	1H24	% vs 1H24
	Revenues	524.9	499.9	5%
H 1	EMEA	260.6	263.3	(1%)
	Americas	147.3	135.5	9%
	Asia	116.9	101.1	16%
	€m	2Q25	2Q24	% vs 2Q24
	Revenues	274.1	278.8	(2%)
Q 2	EMEA	132.2	146.3	(10%)
	Americas	76.2	74.9	2%
	Asia	65.7	57.7	14%

	€m	2Q25	2Q24	% vs 2Q24
Q 2

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Retailers Retailers 7,1% 6,8%		1H24
Multinationals 48,1% 49,7% Multinationals 43,5% 44,9% Emerging Brands Emerging Brands	Emerging Brands	Retailers 6,0% 44,1% 49,9%	Multinationals
		€m	1H25	1H24	% vs 1H24
closed 1H25 with revenues of €260.9m, up +18.3% compared to LY and with		Revenues	524.9	499.9	5%
digit increases in both quarters. This strong performance was primarily driven by the Make business unit, followed by Skincare. All geographic areas posted solid growth, with Asia and the	H 1	Multinationals	260.9	220.5	18%
States leading the way. Both the prestige and mass segments grew, with the former showing		Emerging Brands	228.6	249.4	(8%)
higher growth rates.		Retailers	35.5	30.0	18%
Brands reported a revenue decline of -8.3%, entirely attributable to the second quarter, the period at €228.6m. The challenging comparison base and the performance of the
category weighed on results. By Region, performance was positive in Asia, while the US		€m Revenues	2Q25 274.1	2Q24 278.8	% vs 2Q24 (2%)
Multinationals double up United significantly Emerging closing Hair&Body showed weaker dynamics.	Q 2	Multinationals	131.8	119.8	10%
Retailers closed 1H25 with revenues of €35.5m, up +18.2%, rebounding from the decline recorded in 2024. Make-up and Hair & Body performed well, particularly in Europe.		Emerging Brands	123.0	142.9	(14%)

1H25 Financials – P&L highlights

• 1H25 was marked by record revenues, reaching €524.9m, despite the impact of unfavourable exchange rates (+6.1% at constant FX and +5% at reported FX) and soft market trends, also influenced by geopolitical tensions and trade wars. In particular, FX
• recorded by the Group. This performance reflects: of total Group sales; (ii) the strong performance of prestige clients,
  -
  -

  - improvements,

• 1H24.
• therefore expected to decline in 2H25.

1H25 Financials – P&L highlights
1H25 was marked by record revenues, reaching €524.9m, despite the impact of
unfavourable exchange rates (+6.1% at constant FX and +5% at reported FX) and soft market trends, also influenced by geopolitical tensions and trade wars. In particular, FX
impacted 2Q, which reported sales of €274.1m, up by +0.5% at constant FX and down -
1.7% at reported rates.	€m	1H25	1H24	Var. vs 1H24	% vs 1H24
significant increase of 1H25 Adj. EBITDA, up +16.5% y-o-y, significantly outpaced	Net Sales	524.9	499.9	25.0	5.0%
growth in sales. The Group closed 1H25 at €74.5m (or +€10.5m vs.1H24), with a	Gross Margin	111.8	99.9	11.9	11.9%
substantial profitability expansion of +140Bps. After the very positive 1Q, also 2Q strongly contributed to the marginality expansion, posting a +103Bps increase. These	Gross Margin %	21.3%	20.0%	+131Bps
profitability gains led to 2Q25 Adj. EBITDA of €45.3m, the highest quarterly result ever	Adj. EBITDA	74.5	64.0	10.5	16.5%
recorded by the Group. This performance reflects: an improved sales mix by business unit, with Make-up once again exceeding 60%	Adj. EBITDA/Net Sales	14.2%	12.8%	+140Bps
of total Group sales;	Adj. EBITDA/Value Added Sales	18.2%	16.5%	+176Bps
the strong performance of prestige clients,	EBITDA (*)	70.1	58.5	11.6	19.9%
the benefits of operational initiatives that drove continuous productivity improvements,	EBIT (*)	43.9	35.1	8.8	25.1%
a stable packaging component as a percentage of net sales compared to last year	PBT (*)	30.5	30.7	(0.2)	(0.6%)
(i.e., no further dilution over the same period).	Net Income (*)	16.6	17.9	(1.2)	(7.0%)
improvement in productivity was also evidenced by the increase in Adj.EBITDA on	Adj. Net Income	20.7	22.9	(2.1)	(9.4%)
value-added sales (net of packaging costs), which reached 18.2%, up +176Bps vs.	Adj. Net Income %	4.0%	4.6%	(63Bps)
Net Income amounted to €20.7m in 1H25, showing a slight decrease of -€2.1m.	(*) Includes non recurring items
performance primarily reflects the increase in financial expenses, driven by both
realized and unrealized foreign exchange impacts, especially related to the appreciation
the Euro against the US Dollar, China Renminbi, and Korean Won. Tax rate was temporarely influenced by intercompany dividend distributions made in 2Q25, and it is

1H25 Financials – Adjusted EBITDA by BU

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1H25 Financials – Cash Flow & Net Debt

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plan, primarily in China and South Korea (+€9.6m), and Operating Cash Flow 7.7 23.2 (15.5) a higher increase in working capital (+€13m). Specifically, while cash absorption Changes L/T Assets & Liab. 2.3 (1.1) 3.5 from payables and inventory combined remained broadly unchanged vs. 1H24, Fin. Expenses (13.4) (4.4) (9.0) trade receivables registered a slight increase in DSO, due to higher sales with Taxes (13.9) (12.8) (1.0) multinational clients, which typically have slightly longer payment terms. Chg in Equity & Others (1.9) (1.0) (0.8) cash flow showed an outflow of €36.8m, reflecting the dividend distribution Cash Flow before Div. Dist. (19.1) 3.7 (22.9) out in 2Q25 and higher net financial charges linked to unfavourable currency Dividends Distribution (17.7) (17.7) 0.0 Cash Flow post Div. Dist. (36.8) (14.0) (22.8) Net Debt Opening 97.7 100.2 Net Debt was therefore equal to €134.5m, with financial leverage 134.5 114.1 Net Debt Closing remaining essentially unchanged at 0.87x vs. 30Jun24, despite dividends paid and Var. vs the increase in capex reported. 30Jun25 Net Debt excluding the accounting impact €m 1H25 1H24 deriving from the application of IFRS16, was equal to €95.2m. 1H24 Net Debt 134.5 114.1 20.4 Leverage Ratio (**) 0.87x 0.85x 0.02x Net Debt excl. IFRS16 95.2 70.2 25.0
(ii) Net carried movements. 30Jun25
(i) an increase in capital expenditures, aligned with the Group's capacity expansion
Capex (33.4) (23.8) (9.6)
Change in TWC (35.9) (22.9) (13.0) year-over-year, mainly due to two factors: Other Chg. in NWC 7.9 9.0 (1.0)
Adjustments (*) (5.5) (3.1) (2.4) Operating cash flow for the first six months amounted to €7.7m, down -€15.5m
Adjusted EBITDA 74.5 64.0 10.5
1H24
Var. vs €m 1H25 1H24

Outlook & Guidance

Regarding overall market trends, we confirm our previously communicated view which points to a soft YTD pace. The US market continues to see difficulties with the only exception of lip category. Tariff impact is still unknown, inevitably causing instability in private consumption—and therefore sales volatility for our clients. We believe that the current scenario will strengthen Intercos' competitive positioning in the medium term, thanks to its unique global footprint within the industry. Moreover, the U.S. market—undisputedly one of the most important for the global beauty industry— has been under pressure for over a year now. Due to ongoing uncertainty surrounding tariff regulations, beauty brands are currently operating with Market relatively low inventory levels. This implies that any potential market rebound in the region would clearly work in our favor, even in the short term. Overview Turning to the Asian market, particularly China, we have seen some signs of recovery of the Beauty market this year, confirmed by a positive performance in the first half of 2025 of approximately +3%. While it is too early to determine whether the rebound will be sustained, the current trend is more reassuring than what we observed in 2024. Finally, the EMEA market continues to deliver growth rates, although below last year pace. The good results achieved in the first half confirm the expectations previously communicated: a year characterized by a progressive improvement in Where we profitability, alongside more moderate sales growth, reflecting both the significant business expansion the Group has experienced in recent years and the high level of market volatility in the beauty sector in 2025. In this context, we believe that the Group will continue to follow the growth Stand trajectory projected for the year and already communicated to the market. Order intake remains solid, although ongoing uncertainty around final tariff regulations may, in some cases, result in varying product delivery timelines. In a complex short-term environment also for the Beauty market, the Group has decided to focus on its core business and on the improvement of its profitability. This will enable us to continue growing -albeit at a more moderate pace - in terms of sales, while significantly improving the Group's FY25 margins and confirming an Adjusted EBITDA for the year in line with current consensus expectations. Guidance

P&L and Related Adjustments

			Var. vs	% vs
€m	1H25	1H24	1H24	1H24
Net Sales	524.9	499.9	25.0	5.0%
COGS	(413.1)	(400.0)	(13.1)	3.3%
Industrial gross profit	111.8	99.9	11.9	11.9%
% on net sales	21.3%	20.0%
Research & Development and innovation costs	(21.5)	(21.3)	(0.1)	0.7%
Selling expenses	(15.1)	(15.1)	(0.0)	0.2%
General and administrative expenses Other operating income (expenses)	(28.9) (2.4)	(26.2) (2.2)	(2.7) (0.2)	10.4% 7.6%
Operating Profit (EBIT)	43.9	35.1	8.8	25.1%
% on net sales	8.4%	7.0%
D&A (***)	(26.2)	(23.4)	(2.8)	12.0%
EBITDA	70.1	58.5	11.6	19.9%
Adjustements (*)	4.4	5.5	(1.1)
Adjusted EBITDA	74.5	64.0	10.5	16.5%
% on net sales Financial income (expenses)	14.2% (13.4)	12.8% (4.4)	(9.0)	204.0%
Profit before taxes (EBT)	30.5	30.7	(0.2)	(0.6%)
Income taxes	(13.9)	(12.8)	(1.0)	8.2%
Net income	16.6	17.9	(1.2)	(7.0%)
Adjustments (**)	(4.1)	(5.0)	0.9
Adjusted Net income	20.7	22.9	(2.1)	(9.4%)
(***) All functional areas include amortization which are deducted for the construction of the EBITDA
€m	1H25	1H24
Management Long Term Incentive Plan	(1.3)	(1.0)
One-off costs related to personnel (mainly layoff)	(2.8)	(0.5)
Cyber Cost/insurance reimbursement	2.5	(2.1)
Consultancy & legal costs	(3.4)	(3.8)
Accrual/Release Bad Debt Provision related to "The Body Shop" customer	0.6	(1.4)
Others	(0.1)
Sale of asset Adjustments (*) at EBITDA level	(4.4)	3.3 (5.5)
Write-off capitalization previous years	(1.3)
Tax impact arising from above adjustments	1.6	1.5
Taxes related to prior year		(1.0)
Adjustments (**) at Net Income level	(4.1)	(5.0)

€m	1H25	1H24
Management Long Term Incentive Plan	(1.3)	(1.0)
One-off costs related to personnel (mainly layoff)	(2.8)	(0.5)
Cyber Cost/insurance reimbursement	2.5	(2.1)
Consultancy & legal costs	(3.4)	(3.8)
Accrual/Release Bad Debt Provision related to "The Body Shop" customer	0.6	(1.4)
Others	(0.1)
Sale of asset		3.3
Adjustments (*) at EBITDA level	(4.4)	(5.5)
Write-off capitalization previous years	(1.3)
Tax impact arising from above adjustments	1.6	1.5
Taxes related to prior year		(1.0)
Adjustments (**) at Net Income level	(4.1)	(5.0)

Balance Sheet and Cash Flow

	30Jun25	31Dec24	Var. vs
			31Dec24
Tangible Assets	246.3	248.5	(2.2)
Intangible Assets	65.6	63.2	2.4
Goodwill	133.7	133.7	(0.0)
Investments	1.5	1.5	0.0
Deferred tax assets	25.7	29.3	(3.6)
Other non-current Assets/Liab.	(10.6)	(11.8)	1.2
Non-current Assets	462.3	464.5	(2.2)
Inventory	202.2	193.3	8.9
Trade Receivables	174.8	160.6	14.2
Trade Payables	(189.5)	(202.2)	12.8
Other current Assets/Liab.	(47.5)	(39.5)	(7.9)
Net Working Capital	140.0	112.1	28.0
Capital Employed	602.3	576.6	25.8
Net Debt	134.5	97.7	36.8
Equity	467.8	478.9	(11.1)
	1H25	1H24	Var. vs 1H24
Cash flows provided by (used in) operating activities	22.5	32.4	(9.9)
Cash flows provided by (used in) investing activities	(29.6)	(20.3)	(9.2)
Cash flows provided by (used in) financing activities	(33.1)	(15.5)	(17.6)
Net increase (decrease) in cash and cash equivalents	(40.1)	(3.4)	(36.7)
Dividends distribution	(17.7)	(17.7)	(0.0)
		152.8	37.2
Cash and cash equivalents, at beginning of the year Of which, change in exchange differences	190.0 5.9	(0.2)	6.1

Other non-current Assets/Liab.	(10.6)	(11.8)	1.2
Non-current Assets	462.3	464.5	(2.2)
Trade Payables	(189.5)	(202.2)	12.8
Other current Assets/Liab.	(47.5)	(39.5)	(7.9)
Capital Employed	602.3	576.6	25.8
Cash flows provided by (used in) operating activities Cash flows provided by (used in) investing activities	22.5 (29.6)	32.4 (20.3)	(9.9) (9.2)
Cash flows provided by (used in) financing activities	(33.1)	(15.5)	(17.6)
Net increase (decrease) in cash and cash equivalents	(40.1)	(3.4)	(36.7)
Dividends distribution	(17.7)	(17.7)	(0.0)
Cash and cash equivalents, at beginning of the year	190.0	152.8	37.2
Of which, change in exchange differences Cash and cash equivalents, at end of the period	5.9 126.2	(0.2) 131.9	6.1 (5.7)
Net increase (decrease) in cash and cash equivalents	(57.9)	(21.2)	(36.7)

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: • c.FX: Constant exchange rates • 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 • VAS: Value Added Sales (Net Sales – cost of packaging)

• 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.
• 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.