DISCLAIMER

This presentation may contain forward looking statements based on current expectations and projects of the Group in relation to future events.

Due to their specific nature, these statements are subject to inherent risks and uncertainties, as they depend on certain circumstances and facts, most of which being beyond the control of the Group. Therefore actual results could differ, even to a significant extent, with respect to those reported in the statements.

ANOTHER QUARTER OF STEADY SALES GROWTH WITH STRONG MARGINS AND CASH FLOW IMPROVEMENT

"In the third quarter, we confirmed the solidity of our performance, with steady topline growth at constant exchange rates and further improvement in margins and cash generation.

In an environment of continued macroeconomic uncertainty and tariff pressures, these results strengthen our confidence in the Group's ability to navigate complexity and deliver long-term, sustainable growth."

Angelo Trocchia, CEO

Q3 2025 HIGHLIGHTS

Steady pace of sales growth: +2.1% at constant exchange rates, supported by positive performance of contemporary and lifestyle brands
Mixed regional dynamics: North America in line vs Europe up high single-digits
Continued margins improvement despite tariff pressure: adj. EBITDA margin at 10%, +210bps
Robust Q3 cash generation leading to €64 M FCF in 9M
First-ever Net Debt positive (pre-IFRS 16)

TOTAL SALES PERFORMANCE

220.8 €M, -2.1% Q3 2025 9M 2025

+2.1% @cFX

758.4 €M, +0.1%

+2.2% @cFX

Intensified forex headwinds mainly due to US dollar depreciation
Sales growth at constant exchange rates consistent with H1 performance
Brand momentum driven by Carrera, David Beckham, Marc Jacobs, BOSS, Carolina Herrera and now also Kate Spade
Blenders' e-commerce and Smith's sport products in physical stores still soft
Prescription frames remained a solid growth driver everywhere, while sunglasses rebounded in Europe

EUROPE

+7.7% @cFX +3.2% @cFX Q3 2025 9M 2025

Prescription frames strongly outperformed, also supported by a favourable phasing of deliveries. Sunglasses rebounded, notably in Italy
Robust demand from independent opticians and chains, with theYou&Safilo BtB platform gaining further traction
France was again the top-performing market, with strong growth from international brands and regional successes like Isabel Marant
Germany remained solid within independent opticians and IPPs, while Poland and Turkey continued to outperform

NORTH AMERICA

+0.1% @cFX +1.9% @cFX Q3 2025 9M 2025

North America showed a mixed performance, with flat sales at constant exchange rates amid channel-specific dynamics
Smith saw strong direct-to-consumer growth, while sales to physical stores were impacted by the ongoing recovery of sports product shipments from China
Eyewear wholesale grew mid-single digit, supported by solid demand from chains and independent opticians, with key brands driving momentum
Blenders' e-commerce remained under pressure, affected by intense promotional activity in the value-for-money segment

ASIA & PACIFIC

+7.8% @cFX +12.4% @cFX Q3 2025 9M 2025

Sales in Asia & Pacific sustained positive momentum
Growth was led by distributor-driven markets, with Tommy Hilfiger, BOSS and HUGO as key brand contributors
Australia delivered a strong performance, supported by Carrera's brand-building initiatives and Smith's ongoing development

REST OF THE WORLD

Q3 2025 9M 2025

-13.0% @cFX -6.8% @cFX

Performance in the RoW continued to be affected by challenges in India and a difficult market environment for Middle Eastern distributors
Mexico demonstrated resilience, with positive sales to independent opticians
Top-performing brands included Tommy Hilfiger, BOSS, and David Beckham

GROSS MARGIN PERFORMANCE

Q3 2025 9M 2025

59.7%,+60 bps 60.6%,+90 bps

Mitigation actions helped offset most of the tariff pressures, protecting profitability
Favorable price/mix dynamics, though less than in Q2
Positive foreign exchange impact supporting year-on-year improvement

ADJUSTED1 EBITDA MARGIN

Q3 2025 9M 2025

10.0%,+210 bps 11.1%,+110 bps

Further operating margin expansion marking a record Q3 performance
Gradual normalization of marketing investments, after H1 peak, and lower IT and logistics costs, supporting improvement

FINANCIAL PERFORMANCE

Free Cash Flow: 20.7 €M in Q3/64.2 €M in 9M

Net Debtpositive (pre-IFRS 16) : 10.7 €M

Q3 strong cash generation driven by solid operations and disciplined WC. 9M FCF includes €11.9 M from the disposal of Lenti
Net financial position turned positive pre-IFRS 16, a milestone achievement. Share buy-back program executed for €10.2 M

NOTES TO THE PRESENTATION

¹ In the first 9 months of 2025, the adjusted EBITDA excluded a net non-recurring income of around Euro 6.9 million due to a gain of Euro 9.7 million from the disposal of the subsidiary Lenti S.r.l., and to restructuring costs for Euro 2.8 million.

In Q3 2025, the adjusted EBITDA excluded non-recurring expenses of around Euro 1.0 million due to restructuring costs.

In the first 9 months of 2024, the adjusted economic results excluded non-recurring costs for Euro 8.5 million at the EBITDA level mainly due to the costs related to a terminated license agreement and some special projects.

In Q3 2024, the adjusted EBITDA excluded non-recurring costs for Euro 1.5 million related to some restructuring projects.

SALES BY GEOGRAPHICAL AREA

	9M 2025	%	9M 2024	%	% Change current forex	% Change constant forex
North America	317.8	41.9	321.4	42.4	-1.1%	+1.9%
Europe	334.0	44.0	324.2	42.8	+3.0%	+3.2%
Asia Pacific	44.0	5.8	40.0	5.3	+9.9%	+12.4%
Rest of the world	62.7	8.3	71.8	9.5	-12.7%	-6.8%
Total	758.4	100.0	757.4	100.0	+0.1%	+2.2%

_	Q3 2025	%	Q3 2024	%	% Change current forex	% Change constant forex
North America	96.9	43.9	103.7	46.0	-6.6%	+0.1%
Europe	90.9	41.2	85.1	37.8	+6.7%	+7.7%
Asia Pacific	13.8	6.2	13.5	6.0	+1.9%	+7.8%
Rest of the world	19.2	8.7	23.0	10.2	-16.7%	-13.0%
Total	220.8	100.0	225.4	100.0	-2.1%	+2.1%

SALES BY GEOGRAPHICAL AREA

	H1 2025	%	H1 2024	%	% Change current forex	% Change constant forex
North America	220.9	41.1	217.6	40.9	+1.5%	+2.8%
Europe	243.1	45.2	239.1	44.9	+1.7%	+1.7%
Asia Pacific	30.2	5.6	26.4	5.0	+14.1%	+14.7%
Rest of the world	43.5	8.1	48.8	9.2	-10.8%	-3.8%
Total	537.6	100.0	532.0	100.0	+1.1%	+2.3%

	Q2 2025	%	Q2 2024	%	% Change current forex	% Change constant forex
North America	102.1	40.5	103.2	40.5	-1.1%	+4.8%
Europe	114.2	45.4	113.8	44.7	+0.4%	+0.5%
Asia Pacific	15.7	6.2	14.5	5.7	+8.2%	+11.5%
Rest of the world	19.8	7.9	23.3	9.1	-14.9%	-5.2%
Total	251.9	100.0	254.8	100.0	-1.1%	+2.3%

	Q1 2025	%	Q1 2024	%	Change at current forex	Change at constant forex
North America	118.8	41.6	114.5	41.3	+3.8%	+1.0%
Europe	128.9	45.1	125.3	45.2	+2.9%	+2.8%
Asia Pacific	14.4	5.1	11.9	4.3	+21.2%	+18.5%
Rest of the world	23.7	8.3	25.6	9.2	-7.4%	-2.9%
Total	285.8	100.0	277.2	100.0	+3.1%	+2.2%

9M AND Q3 2025 TRADING UPDATE

	9M 2025	%	9M 2024	%	% Change
Net sales	758.4		757.4		+0.1%
Gross Profit	459.9	60.6%	452.5	59.7%	+1.6%
EBITDA	91.3	12.0%	66.9	8.8%	+36.5%
Adjusted1 EBITDA	84.4	11.1%	75.4	10.0%	+11.9%
IFRS 16 impact on EBITDA	9.7		9.1

	Q3 2025	%	Q3 2024	%	% Change
Net sales	220.8		225.4		-2.1%
Gross Profit	131.7	59.7%	133.3	59.1%	-1.2%
EBITDA	21.1	9.6%	16.3	7.2%	+29.4%
Adjusted1 EBITDA	22.1	10.0%	17.8	7.9%	+24.3%
IFRS 16 impact on EBITDA	3.2		3.1

EXCHANGE RATES

		As	of	(Appreciation)/ Depreciation	Average for		(Appreciation)/ Depreciation
Currency	Code	September 30, 2025	December 31, 2024	%	9M 2025	9M 2024	%
US Dollar	USD	1.1741	1.0389	13.0%	1.1188	1.0871	2.9%
Hong-Kong Dollar	HKD	9.1359	8.0686	13.2%	8.7306	8.4925	2.8%
Swiss Franc	CHF	0.9364	0.9412	-0.5%	0.9393	0.9581	-2.0%
Canadian Dollar	CAD	1.6346	1.4948	9.4%	1.5638	1.4787	5.8%
Japanese Yen	YEN	173.7600	163.0600	6.6%	165.6325	164.2864	0.8%
British Pound	GBP	0.8734	0.8292	5.3%	0.8506	0.8514	-0.1%
Swedish Krown	SEK	11.0565	11.4590	-3.5%	11.1045	11.4120	-2.7%
Australian Dollar	AUD	1.7760	1.6772	5.9%	1.7447	1.6415	6.3%
South-African Rand	ZAR	20.2820	19.6188	3.4%	20.2676	20.0747	1.0%
Russian Ruble	RUB	96.3996	118.0092	-18.3%	94.8456	98.1883	-3.4%
Brasilian Real	BRL	6.2432	6.4253	-2.8%	6.3187	5.6978	10.9%
Indian Rupee	INR	104.2548	88.9335	17.2%	96.8089	90.6822	6.8%
Singapore Dollar	SGD	1.5145	1.4164	6.9%	1.4646	1.4539	0.7%
Malaysian Ringgit	MYR	4.9412	4.6454	6.4%	4.8335	5.0364	-4.0%
Chinese Renminbi	CNY	8.3591	7.5833	10.2%	8.0745	7.8248	3.2%
Mexican Peso	MXN	21.5314	21.5504	-0.1%	21.7927	19.2951	12.9%
Turkish Lira	TRY	48.8227	36.7372	32.9%	43.3576	35.1330	23.4%
Dirham UAE	AED	4.3119	3.8154	13.0%	4.1087	3.9925	2.9%
Polish Zloty	PLN	4.2698	4.275	-0.1%	4.2405	4.3053	-1.5%

STRONG BRAND PORTFOLIO

The right offer for all distribution channels, for all customer types
Centered on contemporary segment where the highest demand of eyewear is
Broad based offer across genders, ages, categories & price segments
Appealing to the most fashiondriven consumers and functional for the more traditional ones
Assuring trends (sustainability, outdoor, celebrities and digital) and service (size, fit, optician-friendly features)