Directa Sim S.p.a. · MIL:D
Directa Sim — NABLA Cosmetics S.r.l. — IPO Roadshow (2026)
41 slides from Directa Sim's IPO roadshow presentation, 2026
Slide 1: Investor Presentation
Investor Presentation | Investor Presentation | Strictly Confidential
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by NABLA Cosmetics S.r.l. (the “Company”) solely for informational purposes to be used by equity research analysts and institutional investors in the context of the proposed admission to trading on Euronext Growth Milan. This document does not constitut
Slide 3: | Investor Presentation | Strictly Confidential
| Investor Presentation | Strictly Confidential 3
Slide 4: Today's Speakers
Today’s Speakers What Our Client Says! Cristiano De Simone Serena Senise Sergio Amendola Chairman & CEO Vice Chairwoman & Chief Financial Officer Creative Director Founder (2013). Visionary Founder (2013). Leads all >35 years of professional leadership driving the product conceptualization, financia
Slide 5: Table of Contents
Table of Contents 1 Executive Summary 01 XXXX 6 2 Business Overview 11 3 The Digital Moat & Omnichannel 26 4 Financial Overview 29 5 Post IPO Strategy 34 6 Appendix 39 5 | Investor Presentation | Strictly Confidential 5
Slide 6: Executive Summary
1 Executive Summary
Slide 7: Who We Are
“Who We Are” Founded in Rome in 2013, NABLA is a community-driven (+1M followers), premium Digital-Native Vertical Brand (DNVB), independent Italian landmark with international ambition, operating in the highly lucrative Entry Prestige segment. We combine deep innovation, ethical values and glamorou
Slide 8: What we do
“What we do” FACE EYES LIPS ACCESSORIES Foundation, concealer, primer, Eye palettes, mascara, eyeliner, Lip gloss, lip liner, lipstick, liquid Professional brushes, sponges, powder, blush, highlighter & eyebrow, eyeshadow singles lipstick, lip care & treatment empty refillable palettes, makeup conto
Slide 9: History of Continuous Execution
History of Continuous Execution Entry in Entry in Entry in Digital Rinascente Amazon ** FY20 – FY25 Resilience Shop and during the Entry into Tik Tok Shop Italia +12.3% Pandemic Naima & Ethos Expansion into the CAGR Entry in Middle Eastern * market Entry in Italian chain Entry in Extra- EU independe
Slide 10: Executive Summary: Key Highlights
Executive Summary: Key Highlights LEADERSHIP IN THE BEAUTY MARKET WINNING STRATEGIC POSITIONING A desirable and inspirational indie brand with strong A trendsetter brand, born digital and vegan, fully brand equity, reputation, and a solid, loyal aligned with the mega-trends shaping the future commun
Slide 11: Business Overview
2 Business Overview
Slide 12: Nabla at a Glance (2025A)
Nabla at a Glance (2025A) KEY FINANCIALS OPERATIONAL KPIs REVENUE BY CATEGORY ▪ Revenues: €14.4m in FY25 (+14.7% vs Nabla covers Face, Eyes, Lips, and FY24), driven by B2B expansion and Accessories with an innovative portfolio. new channel growth including Born in Italy but rapidly expanding TikTok
Slide 13: Omnichannel model (Offline-to-Online)
Omnichannel model (Offline-to-Online) DIGITAL CHANNEL TIER-1 RETAIL SINERGY Nabla is present online Presence in premium through its own e- retailers (Pinalli, Sephora, commerce channel, as Douglas) serves as a well as on key digital physical discovery retails (e.g. Sephora. channel, validating the S
Slide 14: Doors: Growth Path
Doors: Growth Path 700 Retail growth from 2023 to 2025 has been mainly driven by: 600 • retail groups • chains 500 • department stores leaving also room to grow further in key 35 400 domestic retailers, e.g. Sephora. 300 22 200 6 100 - 55 55 66 84 90 206 294 437 - Ecom launch 30 2013 2017 2018 2019
Slide 15: Operating Engine: The Fabless Model
Operating Engine: The Fabless Model Fabless made in Italy, asset-Light Business Model fueled by the freedom to create, innovate, and connect. IN-HOUSE – Value Creation OUTSOURCED - Operations R&D & FORMULA CONCEPT SOCIAL & COMMUNITY MANUFACTURING Executed by top-tier global partners Product vision,
Slide 16: Values of Nabla
Values of Nabla NABLA is perfectly in tune with today’s major market mega-trends — in both strategy and values — making its positioning not just relevant and appealing, but genuinely authentic. CREATIVE FREEDOM EXCELLENCE ETHICS & RESPONSIBILITY COMMUNITY & HUMANITY NABLA sees makeup as a NABLA is a
Slide 17: Values of Nabla
Values of Nabla NABLA is perfectly in tune with today’s major market mega-trends — in both strategy and values — making its positioning not just relevant and appealing, but genuinely authentic. INCLUSIVITY STYLE & INSPIRATION PASSION & AUTHENTICITY EVER-GROWING We believe in an inclusive Recognizabl
Slide 18: The "Entry Prestige" Sweet Spot
The “Entry Prestige” Sweet Spot Nabla occupies a highly lucrative and defensible quadrant within the global color cosmetics market. By employing a sophisticated "Entry-Prestige" pricing strategy, the brand captures two distinct, massive consumer flows: ■ Trading Down: Aspirational consumers migratin
Slide 19: The "Hero Product" Strategy
The “Hero Product” Strategy Nabla’s R&D focuses on creating "Hero Products“, category-defining products that become iconic to the brand. These generate recurring revenues independently of seasonal and fluently trends and a portfolio pull (one strong hero drives discovery and sales across the entire
Slide 20: The "Hero Product" Strategy
The “Hero Product” Strategy SMOOTHING POWDER FRECKLE MAKER 2019 2021 Three shades of a lightweight Freckle Maker is a weightless and super fine pressed powder tint designed for drawing on that provides the skin with a freckles in a few seconds. A breathable and natural matte trend settler that led t
Slide 21: Distinctive Packaging & Design
Distinctive Packaging & Design FUNCTIONAL & PREMIUM LOOK & FEEL PRACTICAL FORMATS Elegant design with Compact, versatile strong attention to packaging designed for textures and sensoriality everyday usability AUTHENTIC & ICONIC & COHESIVE DESIGN-LED PRODUCT CONSISTENT EXECUTION AESTHETICS EXPERIENCE
Slide 22: The Digital Moat & Omnichannel
The Digital Moat & 3 Omnichannel
Slide 23: Social Commerce Engine: TikTok Case Study
Social Commerce Engine: TikTok Case Study Nabla acts as a first-mover in converting social capital into direct revenue. Selected directly by TikTok for the platform's Italian launch, demonstrating unparalleled unit economics. Market Position ▪ Ranked #1 Italian make up brand. ▪ Top 3 performer among
Slide 24: Marketplace: Amazon Vendor Scaling
Marketplace: Amazon Vendor Scaling People Infographic! Amazon acts as a high-volume, low-touch revenue stream utilizing their logistical backbone, protecting our internal operating bandwidth. in €k 800 689 689k 700 600 Strategic Upside: 500 429 400 The 2025 revenue was generated solely from the Ital
Slide 25: Financial Overview
4 Financial Overview
Slide 26: Historical Income Statement
Historical Income Statement Currency €/000 FY24A FY25PC FY24A FY25A Revenues increased by € 1.8m (+14.7%) between FY24 and FY25. The Revenues 12,511 14,354 growth is primarily driven by B2B sales (+ € 966k), mainly supported by YoY Growth 3.8% 14.7% entry into Italian groups (e.g. Naima and Ethos),
Slide 27: Historical Income Statement: Main Costs Structure
Historical Income Statement: Main Costs Structure Currency €/000 FY24A FY25A FY24A FY25PC Revenues 12,511 14,354 COGS COGS (4,757) (5,004) The cost of good sold incidence on revenues is decreasing by 3.2 p.p.. The cost of goods sold is primarily driven by higher finished products and Services (4,292
Slide 28: Historical Balance Sheet
Historical Balance Sheet Currency €000 FY24A FY24PF FY25A FY25PC Fixed assets 617 1.402 Nabla operates an asset-light business TWC 2.466 1.378 model, in which working capital represents NWC 2.618 1.465 the most significant component of invested Severance fund (191) (211) capital. This translates int
Slide 29: Net Working Capital
Net Working Capital Currency €000 FY24A FY24PF FY25A FY25PC Inventory 3.613 4.116 Inventory increased over the period to support the Trade receivables 461 2.160 Company's sales growth trajectory. The elevated DOI is Trade payables (1.608) (4.897) structural in nature, reflecting Nabla's sourcing mod
Slide 30: Post IPO Strategy
5 Post IPO Strategy
Slide 31: Internal Growth
Internal Growth Our Roadmap for Future Internal Growth: 5 Strategic Pillars PRODUCT INNOVATION & NATIONAL & INTERNATIONAL DIGITAL CHANNEL DOMINANCE CATEGORY EXPANSION EXPANSION & OMNICHANNEL ▪ Launch pipeline (L.E + ▪ Increase in POS across physical ▪ E-commerce investments (AI, permanent), focus on
Slide 32: Growth Through M&A
Growth Through M&A TARGET PROFILE ▪ Complementary indie brands in adjacent niches (e.g., Skincare, Haircare, Fragrance, Accessories) ▪ Strong, engaged digital community ▪ Lacking robust B2B distribution capabilities and supply chain efficiency SYNERGY LOGIC ▪ Unlock instant gross margin improvement
Slide 33: Key Investment Highlights: Why invest?
Key Investment Highlights Legacy Giants title here Outstanding agility, faster time-to-market, and authentic community engagement that conglomerates cannot replicate. Double-digit growth vs legacy stagnation Pure D2C Startups Why invest? Omnichannel resilience. The Tier-1 physical B2B network shie
Slide 34: The Nabla Team
The Nabla Team | Investor Presentation | Strictly Confidential 34
Slide 35: Appendix
6 Appendix
Slide 36: ESG & Sustainability Commitment
ESG & Sustainability Commitment Nabla’s ethics are naturally aligned with the strictest ESG criteria demanded by institutional capital and modern consumers actively integrating circularity into its core strategy. Commitment to sustainable growth ensures brand longevity and mitigates regulatory risks
Slide 37: Human Capital & Organization
Human Capital & Organization Nabla operates with a highly efficient, agile workforce of 23 FTEs. The structure is designed Female representation * 73% for immense operating leverage. ▪ Lean Structure: Only 6 Managers managing around Euro 14.4m in revenue. ▪ IPO-Ready C-Suite: Recent recruitment of 3
Slide 38: Organization Chart
Organization Chart Board of Directors Creative & Brand Dir. CEO CFO Serena Senise Cristiano De Simone Sergio Amendola Visual & Marketing / Product Dev. & Sales Operations IT Regulatory Admin & Packaging E-Commerce Social / PR Purchase (6) (2) (2) Affairs Finance Design (2) (6) (5) (6) (2) (4) Produc
Slide 39: Shareholding Structure & Corporate Governance
Shareholding Structure & Corporate Governance Shareholding Structure Corporate Governance The Company is managed by a Board of Directors consisting of 5 members: Board Members Role Cristiano Serena De Simone Senise Cristiano De Simone Chairman Serena Senise Board Member 50% 50% Marco Ruini Board Mem
Slide 40: How NABLA's R&D works
How NABLA’s R&D works THE R&D ENGINE OUR COMPETITIVE ADVANTAGE 100% in-house A fully internal R&D structure enables a continuous, Our R&D model enables a brand capable of anticipating, integrated process that strengthens and evolves the brand’s inspiring, and innovating — translating into a strong a
Slide 41: Nabla's positioning: Indie Entry-Prestige
Nabla’s positioning: Indie Entry-Prestige Legacy Luxury development The luxury segment is prioritizing margin preservation over volume growth, therefore opening space for agile indie entry-prestige players. Nabla is well-positioned to capture this displacement, riding both market share gains and fav