2021 H1 Results

Strong rebound with EBIT and Net Income back to positive Solid Free Cash Flow generation

• Solid sales performance vs H1 2020: up +21.6% as reported to €453.3 million; +23.3% on an organic(1) basis, despite store closures and restrictions, low traffic, and lack of tourism
• Strong double-digit growth in Mainland China, reaching +54.6% on an organic basis vs H1 2020, and +24% as reported vs H1 2019
• Confirmed momentum in the U.S., going from strength to strength
• Back to positive adj. EBIT, reaching €25.2m (5.6% of sales), and positive Net Income
• Focus on Capex and Working Capital leading to a solid Free Cash Flow generation of €20.2m, vs -€56.7m in H1 2020
• Healthy liquidity headroom of more than €240m

(1) Organic growth | All references in this document to the “organic sales performance” refer to the performance of the Group at constant currency and scope