Slide 1: Q1 2026 Trading Update
Q1 2026 TRADING UPDATE MAY 7, 2026
Slide 2: Disclaimer
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,
Slide 3: Solid Start to 2026
SOLID START TO 2026 “The first quarter of 2026 confirmed the resilience of our business model, underpinned by our solid brand portfolio and effective commercial execution. Importantly, we delivered another quarter of strong margin expansion and solid cash generation, reflecting the structural improv
Slide 4: Q1 2026 Highlights
Q1 2026 HIGHLIGHTS • Net sales were broadly in line with Q4 2025 exit rate: +0.4% at cFX, with continuity in the underlying business dynamics across geographies • Kate Spade, Smith, BOSS, David Beckham and Carrera were our top performing brands across channels and key markets • Gross margin improved
Slide 5: Total Sales +0.4% @cFX
TOTAL SALES 272.9 €M , -4.5% +0.4% @cFX • Positive sales momentum in North America and across core European markets, while Asia and the Middle East were the main headwinds to overall growth • Prescription frames and sports products, our leading product categories Q1 2026 TRADING UPDATE 5
Slide 6: Europe +1.4% @cFX
EUROPE 129.9 €M , +0.8% +1.4% @cFX • France, Italy and Germany delivered solid trends in both independent opticians and key accounts. Ongoing expansion of key brands’ distribution in Eastern Europe • Positive launch of the new Victoria Beckham eyewear collection offset the deconsolidation of Lenti b
Slide 7: North America +2.3% @cFX
NORTH AMERICA 109.7 €M , -7.7% +2.3% @cFX • Reported sales impacted by ca 11% depreciation of the average USD-€ forex • Positive sales momentum driven by higher productivity at independent opticians and new brand launches in retail chains, with strong performances from Kate Spade, Carrera, Tommy Hil
Slide 8: Asia & Pacific and Rest of the World
ASIA & PACIFIC REST OF THE WORLD 11.8 €M , -18.0% 21.5 €M , -9.1% -13.6% @cFX -6.3% @cFX • Challenging comparison base and prudent demand patterns in Asia • Improved trading in March, supported by the Shanghai Optical Fair • Weak performance trends in the Middle East, following the rapid escalation
Slide 9: Gross Margin 62.0%, +150 bps
GROSS MARGIN 62.0%, +150 bps • Continued mitigation of tariffs pressures • Ongoing positive price/mix effect, driven by a reduced share of margin-dilutive activities • FX tailwind from USD weakness, thanks to our dollar-denominated sourcing Q1 2026 TRADING UPDATE 9
Slide 10: Adjusted EBITDA 13.6%, +160 bps
ADJUSTED1 EBITDA 37.1 €M, +7.9% 13.6%, +160 bps • Successful conversion of gross-margin gain into solid operating performance • Marketing investments and other operating costs broadly aligned year on year • Foreign exchange effect only marginally positive at the operating level Q1 2026 TRADING UPDAT
Slide 11: Free Cash Flow and Net Debt
FREE CASH FLOW 12.6 €M vs 14.4 €M • Solid operating performance of the period and normal seasonal absorption from working capital • 17.5 €M before the purchase of additional shares in Inspecs Group for ca. 5 €M NET DEBT as at March 31,2026 30.1 €M vs 46.1 €M as at Dec.31, 2025 Net financial position
Slide 12: Victoria Beckham Eyewear
VICTORIA BECKHAM EYEWEAR
Slide 13: Appendices
VICTORIA BECKHAM EYEWEAR
Slide 14: Notes to the Presentation
NOTES TO THE PRESENTATION 1 InQ1 2026, the ad justed EBITDA excludes non-recurring costs of Eu ro 2.9 million due to s pecia l projects and some restructuring expenses. In Q1 2025, the ad jus ted EBITDA excludes no n- recurring costs of Euro 1.1 million due to some restructuring expenses. Q1 2026 TR
Slide 15: Net Sales by Geography
NET SALES BY GEOGRAPHY (in Euro million and % on total sales) % Change % Change Q1 2026 % Q1 2025 % current forex constant forex Europe 129.9 47.6 128.9 45.1 +0.8% +1.4% North America 109.7 40.2 118.8 41.6 -7.7% +2.3% Asia Pacific 11.8 4.3 14.4 5.1 -18.0% -13.6% Rest of the world 21.5 7.9 23.7 8.3 -
Slide 16: Economic Highlights
ECONOMIC HIGHLIGHTS (in Euro million and % on total sales) Q1 2026 % Q1 2025 % % Change Net sales 272.9 285.8 -4.5% Gross Profit 169.2 62.0% 173.0 60.5% -2.2% EBITDA 34.1 12.5% 33.3 11.6% +2.6% Adjusted1 EBITDA 37.1 13.6% 34.3 12.0% +7.9% IFRS 16 impact on EBITDA 3.6 3.2 Q1 2026 TRADING UPDATE 16
Slide 17: Exchange Rates
EXCHANGE RATES (Appreciation)/ (Appreciation)/ As of Average for Depreciation Depreciation March 31, December 31, Currency Code % Q1 2026 Q1 2025 % 2026 2025 US Dollar USD 1.1498 1.1750 -2.1% 1.1703 1.0523 11.2% Hong-Kong Dollar HKD 9.0136 9.1464 -1.5% 9.1437 8.1872 11.7% Swiss Franc CHF 0.9194 0.93
Slide 18: Strong Brand Portfolio
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 fashion- driven consumers and functio