FY 2024 Results

Sequential improvement, with sales at +1.9% in Q4 (+4.7% excl. China), leads to a limited decrease of FY sales at -1.5% (+2.3% excl. China) A strict control of costs, inventories and Capex supports a strong cash generation and a debt reduction of €49m

• Q4 2024 Sales at €334m, increasing by +1.9% on an organic basis vs Q4 2023 Sales at €326m; positive sales performance of +4.7% excluding China

• 2024 Sales at €1,212m, decreasing by -1.5% on an organic(1) basis vs. 2023 Sales (€1,231m)
– Organic growth in all regions excluding China, where consumption remains challenging
– Sequential improvement during the year with a return to growth in Q4
– China strategic roadmap underway, with a first important step in network optimisation
– Strict full-price strategy with a two-point decrease of average in-season discount rate vs 2023

• Adjusted EBIT at €53m (4.4% of sales) from €79m in 2023, impacted by challenging market conditions, in particular in China, and by restructuring costs, partially offset by cost reduction plans

• Net income at -€24m, including -€31m of non-recurring accounting impairment impacts with no effect on cash (€8m excluding these effects). Strong improvement of net result in H2 (€4m) vs. same period in 2023 (-€3m) and vs H1 2024 (-€28m)

• Continued financial discipline with a strict control of inventories and investments, resulting in an important free-cash-flow generation of €49m and a decrease in net debt of the same amount, to reach €237m

• Pursuit of the mid-term action plan to return to profitable growth: network optimisation, mainly in China, implementation of efficiency actions to support profitability, and disciplined cash management

• Pursuit of network optimization with 68 net closures, to reach 1,662 POS in the world at the end of 2024. This includes a network optimisation plan in Asia and for Claudie Pierlot in Europe, alongside openings through partnership in key markets

(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