Safilo Group S.p.a. · MIL:SFL
Safilo — H1 2026 Earnings Presentation
24 slides from Safilo's earnings presentation, Aug 4, 2026
Slide 1: H1 2026 Results
H1 2026 RESULTS AUGUST 4 , 202 6
Slide 2: Disclaimer
DISCLAIMER This presentationmay contain forward looking statementsbased on currentexpectations and projectsof theGroup in relationto futureevents. Due to theirspecific nature,thesestatementsare subjectto inherentrisksand uncertainties,as they depend on certaincircumstancesand facts,mostof which bein
Slide 3: Continued margin expansion and cash generation in a weak demand environment
CONTINUED MARGIN EXPANSION AND CASH GENERATION IN A WEAK DEMAND ENVIRONMENT “Aftera resilientstartto theyear, thesecond quarterdeveloped withina softerdemand environment in our core markets,weighingon our sales performance. Against thisbackdrop, we stayed focused on the levers under our control, pro
Slide 4: H1 2026 Highlights
H1 2026 HIGHLIGHTS • A resilient start to the year followed by mid -single digit sales decline in Q2, as our core customers in North America and Europe turned more prudent on ordering • Further margin expansion, supported by structural business improvements and tariff refunds • Solid cash flow gener
Slide 5: Total Sales
TOTAL SALES 512 .0 €M -4.8% | -1.9% @cFX Q2 239.1 €M |-4.5% at cFX • Weak market environment from late March and throughout April and May, with trends showing some improvement in June • Sunglasses the most affected category, while prescription frames deceleratedversus prior trends • Premium and luxu
Slide 6: Sales in Europe
SALES in EUROPA 240 .5 €M -1.0%| -0.5% @cFX Q2 110.6 €M |-2.7% at cFX • More challenging trading conditions in France and Germany, on lower store and online traffic • Continued growth in Eastern Europe, in particular Turkey and Poland • Sustainedtouristflows in Italy supportedopticiansacross both pr
Slide 7: Sales in North America
SALES in NORTH AMERICA 205 .6 €M -6.9%| -0.8% @cFX Q2 95.9 €M | -4.4% at cFX • Weak market for independent opticians, with overall eyewear sales down high single - digit in May. Department stores and retail chains more supportive in June on stronger premium demand • Kate Spade, Carrera, David Beckha
Slide 8: Sales in Asia & Pacific, Rest of the World
SALES in ASIA & PACIFIC REST OF THE WORLD 24 .9 €M -17.6%| -15.8% @cFX 41 .0 €M -5.7 % | -5.8% @cFX Q2 13.0 €M |-17.7% at cFX Q2 19.5 €M |-5.1% at cFX • Demanding comparison base, weak • Still impacted by the Middle East environment in China and timing of optical conflict, but stabilizing through th
Slide 9: Gross Margin
GROSS MARGIN 344 .0 €M ,+4.8% 67.2%, +6.1 pp |63.4% 2 , +2.3 pp Q2 174.8 €M, +12.6% 73.1%, +11.5 pp |65.1% 2 , +3.5 pp • Tariff refunds largely booked as a reduction of cost of goods sold • Structural business improvement, driven favourableprice/mix by effects and lower tariffs 2 Excluding tariff re
Slide 10: Adjusted EBITDA Margin
ADJUSTED 1 EBITDA MARGIN 86 .0 €M , +38.1% 16.8%, +5.2 pp |12.9% 2 , +1.3 pp Q2 49.0 €M, +75.2% 20.5%, +9.4 pp |12.1% 2 , +1.0 pp • Gross-margin increase converted into solid operating performance, partially offset by lower operating leverage in a weaker sales environment • Cost inflation pressures
Slide 11: Adjusted Net Profit
ADJUSTED 1 NET PROFIT 49 .4 €M , +46.7% 9.6%, +3.3 pp |6.6% 2 , +0.3 pp H1 adjusted 1 operating profit 68.3 €M, +57.7% 13.3% ,+5.2 pp |9.4% 2 ,+1.3 pp • Net financial charges 5.6 €M from 2.9 €M, on a neutral FX effect versus a prior -year gain • 0.8 €M loss on options related to non -controlling int
Slide 12: Free Cash Flow
FREE CASH FLOW 36 .4 €M vs 43.5 €M | 46.9 2 €M vs 31.6 €M Q2 23.8 €M vs 29.1 €M in Q2 2025 | 29.4 €M 2 vs 17.2 €M • H1 cash flow from operating activities up to 78.8 €M vs 40.7 €M, benefiting from a solid economic performance and from tariff refunds • Group’s strategic investments: additional Inspec
Slide 13: Group Net Debt
GROUP NET DEBT 5.4 €M vs 46.1 €M as at Dec.31, 2025 Net financial position pre -IFRS16 +29.6 €M vs -6.6 €M as at Dec.31, 2025 • Including the execution of the new Share Purchase Programme, launched on June 8, 2026, for 2.4 €M as at June 30, 2026 H1 2026 RESULTS 13
Slide 14: Acquisition of SPY+ & Serengeti
ACQUISITION OF SPY+ & SERENGETI Two iconic, complementary eyewear brands joining Safilo, expanding our reach across Technical Luxury and Sport & Outdoor SERENGETI SPY+ AMERICAN HERITAGE • PREMIUM MINERAL LENSES CALIFORNIA ACTION SPORTS • DISRUPTIVE Safilo’s gateway into the Technical Luxury arena: a
Slide 15: @ec%e@ee eyewear
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Slide 16: Appendices
FLAVIO COBOLLI ») Polaroid @@©eee eyewear
Slide 17: Notes to the Presentation
NOTES TO THE PRESENTATION 1 In the first half of 2026 , the adjusted economic results exclude non - recurring costs of Euro 6 .6 million due to special projects and some restructuring expenses . In the second quarter of 2026 , the adjusted EBITDA excludes non - recurring costs of Euro 3 .6 million .
Slide 18: Net Sales by Geography
NET SALES BY GEOGRAPHY (in Euro million and % on total sales) % Change % Change H1 2026 % H1 2025 % current forex constant forex Europe 240,5 47,0 243,1 45,2 -1,0% -0,5% North America 205,6 40,2 220,9 41,1 -6,9% -0,8% Asia Pacific 24,9 4,9 30,2 5,6 -17,6% -15,8% Rest of the world 41,0 8,0 43,5 8,1 -
Slide 19: Economic Highlights
ECONOMIC HIGHLIGHTS (in Euro million and % on total sales) H1 2026 % H1 2025 % % Change Net sales 512.0 537.6 -4.8% Gross Profit 344.0 67.2% 328.2 61.1% +4.8% EBITDA 79.5 15.5% 70.2 13.1% +13.2% Adjusted1 EBITDA 86.0 16.8% 62.3 11.6% +38.1% Operating profit 61.8 12.1% 51.3 9.5% +20.4% Adjusted1 Oper
Slide 20: Balance Sheet as of June 30, 2026
BALANCE SHEET AS OF JUNE 30,2026 (in Euro million) June 30, 2026 December 31, 2025 Change Net working capital 215.8 213.3 2.4 Tangible, Right of Use, and Intangible fixed assets 218.3 227.6 (9.3) Goodwill 31.9 31.0 1.0 Other assets/(liabilities), net 15.4 (22.7) 38.1 Net invested capital 481.3 449.2
Slide 21: Working Capital as of June 30, 2026
WORKING CAPITAL AS OF JUNE 30,2026 (in Euro million) June 30, 2026 December 31, 2025 Change Trade receivables 215.6 186.6 29.0 Inventories 146.3 171.2 (24.9) Trade payables (146.1) (144.5) (1.6) Net working capital 215.8 213.3 2.4 % on net sales 22.5% 21.7% H1 2026 RESULTS 21
Slide 22: Free Cash Flow
FREE CASH FLOW (in Euro million) Free Cash Flow (in Euro millio n) H1 2026 H1 2025 Cash Flow from operating activities before change in working capital 78.2 36.8 Change in working capital 0.6 3.9 Cash Flow from operating activities 78.8 40.7 Cash Flow for/from (investment)/disinvestment activities (
Slide 23: Exchange Rates
EXCHANGE RATES (Appreciation)/ (Appreciation)/ As of Average for Depreciation Depreciation Currency Code June 30, 2026 December 31, 2025 % H1 2026 H1 2025 % US Dollar USD 1.1394 1.1750 -3.0% 1.1666 1.0928 6.8% Hong-Kong Dollar HKD 8.9350 9.1464 -2.3% 9.1274 8.5168 7.2% Swiss Franc CHF 0.9224 0.9314
Slide 24: 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 fu