Salvatore Ferragamo

Investor Presentation • Aug 3, 2023

1H 2023 Results Update

Analyst Presentation

August 03, 2023 - 6.00 PM CET

DISCLAIMER

This presentation contains forward-looking statements regarding future events and results of the Company that are based on the current expectations, projections and assumptions of the management of the Company.

The actual results may differ materially from those expressed in any forward-looking statement and the Company does not assume any liability with respect thereto.

This document has been prepared solely for this presentation and does not constitute any offer or invitation to sell or any solicitation to purchase any share in the Company.

The Manager in Charge of preparing the Company financial reports hereby certifies pursuant to paragraph 2 of art. 154-bis of Legislative Decree no. 58 of February 24, 1998, that the accounting disclosures of this document are consistent with the accounting documents, ledgers and entries.

K1H 2023 BUSINESS UPDATE

FERRAGAMO

1H 2023 BUSINESS UPDATE

• Making good progress in the execution of our strategic priorities in line with our plans, focusing on brand initiatives, operating improvements and network optimization.
• Pleased by the early results of the products designed by Maximilian Davis, still a very small portion of the total offer, not yet sufficient to impact the trading.
• Sales performance, at this stage, reflecting the acceleration of the transition and the ongoing focus on quality of sales and distribution.
• Further improvement in Gross Margin, through continuous focus on quality of sales, releasing resources to invest in marketing activities, as planned.
• New products will progressively grow their share of the offer throughout the second half, and by the end of the year we will be in a position to fully appreciate the more complete collections.
• Conscious of an increasingly uncertain market environment, the choices and work we have done reinforce our commitment to our strategic priorities and bring further confidence to our medium-term ambition.

1H 2023 FINANCIAL REVIEW

FERRAGAMO

D

EMARKET
SDIR
GERTIFIED

1H 2023 REVENUE BY DISTRIBUTION CHANNEL

		June YTD
				Const	Weight on	Weight on
(Euro MM)	2023	2022	Δ %	FX	Tot 2023	Tot 2022
Retail	415,1	441,1	-5,9%	-4,5%	69,2%	70,0%
Wholesale	166,8	192,3	-13,3%	-14,3%	27,8%	30,5%
Net Sales	581,9	633,4	-8,1%	-7,6%	97,0%	100,5%
Hedging	8,5	(11,3)	nm	nm	1,4%	-1,8%
Licences & Other Rev.	8,4	6,9	22,5%	22,5%	1,4%	1,1%
Rental income	1,3	1,3	0,5%	-0,7%	0,2%	0,2%
Total Revenue	600,1	630,3	-4,8%	-7,2%	100,0%	100,0%

1H 2023 NET SALES BY REGION

June YTD

				Δ %	Weight on	Weight on
(Euro MM)	2023	2022	Δ %	Const FX	Tot 2023	Tot 2022
Europe	150,7	135,9	10,8%	10,9%	25,9%	21,5%
North America	155,6		188,1 -17,3%	-18,6%	26,7%	29,7%
Japan	45,4		51,3 -11,4%	-3,8%	7,8%	8,1%
Asia Pacific	189,9		217,9 -12,9%	-10,4%	32,6%	34,4%
Latin America	40,3	40,2	0,4%	-7,3%	6,9%	6,3%
Net Sales	581,9	633,4	-8,1%	-7,6%	100,0%	100,0%

1H 2023 NET SALES BY PRODUCT

June YTD
				Δ % Const	Weight on	Weight on
(Euro MM)	2023	2022	Δ %	FX	Tot 2023	Tot 2022
Shoes	266,9	279,7	-4,6%	-4,3%	45,9%	44,2%
Leather goods & handbag	234,8	271,9	-13,6%	-12,9%	40,3%	42,9%
RTW	38,9	40,1	-3,1%	-2,0%	6,7%	6,3%
Silk & other access.	39,6	39,9	-0,6%	0,3%	6,8%	6,3%
Fragrances	1,8	1,9	-5,0%	-4,7%	0,3%	0,3%
Net Sales	581,9	633,4	-8,1%	-7,6%	100,0%	100,0%

(Euro MM)	2023	%	2022	%	Δ %
Total revenue	600,1	100,0%	630,3	100,0%	-4,8%
Cost of goods sold	(166,6)	-27,8%	(177,5)	-28,2%	-6,1%
Gross profit	433,5	72,2%	452,8	71,8%	-4,3%
Total operating costs	(386,6)	-64,4%	(357,4)	-56,7%	8,2%
EBIT	47,0	7,8%	95,4	15,1%	-50,8%
Financial income (expenses)	(3,1)	-0,5%	(0,7)	-0,1%	>100%
Financial ROU	(9,8)	-1,6%	(6,5)	-1,0%	51,1%
EBT	34,1	5,7%	88,2	14,0%	-61,3%
Taxes	(12,7)	-2,1%	(26,3)	-4,2%	-51,7%
Net income	21,4	3,6%	61,9	9,8%	-65,4%
Group net income	22,5	3,7%	61,6	9,8%	-63,5%
Income to minorities	(1,1)	-0,2%	0,3	0,1%	<-100%
EBITDA	133,6	22,3%	179,5	28,5%	-25,6%

(Euro MM)	June 23 YTD	June 22 YTD	%
Tangible assets	205,390	216,165	-5,0%
Intangible assets	40,948	36,936	10,9%
Right of Use	630,989	497,219	26,9%
Financial assets	0,000	0,000
Fixed assets	877,327	750,320	16,9%
Inventory	294,979	302,712	-2,6%
Trade receivables	101,152	120,066	-15,8%
Trade payables	(170,436)	(173,095)	-1,5%
Operating working capital	225,695	249,684	-9,6%
Other assets (liabilities)	127,124	73,589	72,7%
Net Asset Disposal for Sales	0,000	0,000
Employee Benefit Liabilities	(7,061)	(8,612)	-18,0%
Provisions for risks and charges	(19,283)	(20,515)	-6,0%
Net invested capital	1.203,802	1.044,466	15,3%
Shareholders' equity (A)	755,664	754,897	0,1%
Group equity	734,968	731,809	0,4%
Minority interest	20,696	23,089	-10,4%
Current financial liabilities	(149,426)	(160,862)	-7,1%
Non current financial liabilities	(609,690)	(538,414)	13,2%
Cash & Cash equivalents	310,978	409,707	-24,1%
Net debt (B)	(448,138)	(289,569)	54,8%
Financial sources (A-B)	1.203,802	1.044,466	15,3%
Net debt (B)	(448,138)	(289,569)	54,8%
Non Current Lease Liabilities	609,690	486,691	25,3%
Current Lease Liabilities	115,982	112,301	3,3%
Lease Liabilities	725,672	598,991	21,1%
Net debt Adjusted	277,534	309,422	-10,3%

1H 2023
Q&A

FERRAGAMO

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