2024 H1 Results

Resilient sales excluding China Continued financial discipline and execution of the action plan

• H1 2024 Sales at €585m, decreasing by -3.6% on an organic (1) basis vs. H1 2023 Sales at €610m
  – Sales growth in America in S1, resilience in Europe, sequential improvement in Q2 in France and continued very slow consumption in China
  – Growth for Sandro and Maje in the first semester in all regions excluding China
  – Strict full-price strategy with a two-point decrease of average in-season discount rate vs H1 2023
•  Q2 2024 Sales at €298m, decreasing by -2% on an organic basis vs Q2 2023 Sales at €305m; positive sales performance excluding China
•  Pursuit of network optimization with 29 net closings in the semester, mainly in Asia and for Claudie Pierlot, to reach 1,701 POS
• Adjusted EBIT at €19m (3.2% of sales) from €36m in H1 2023 (6% of sales). One-off effects such as restructuring costs, and inflationary effects, are partially offset by cost reduction plans
• Net income at -€28m includes €30m of non-recurring accounting impacts of impairment (non-cash). Excluding these effects (net of income tax), net income is breakeven.
• Continued financial discipline with a reduction in inventories (-7% vs FY 2023) and a strict control of investments, resulting in a decrease in net debt vs June 30th, 2023 and in a stable free-cash-flow
• Pursuit and acceleration in the second semester of mid-term action plan to return to profitable growth
• Continued efforts in CSR with the implementation of the Diversity and Inclusion policy and satisfactory results in reducing the carbon footprint (-15% in 2023)

(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