CELLULARLINE S.P.A.: Presentazione Mediobanca - 8th Italian Mid Cap Conference - 21 - 22 January 2026

Mediobanca

8thItalian Mid Cap Conference

21-22 January 2026

1. Introduction to Cellularline Group
2. Business model
3. Growth opportunities
4. Q3 2025 Financial results

+30 Years of history

Headquarters in Reggio Emilia (Italy)

6 Offices in Europe

+ approx. 300 Employees

+55 Countries served

ca. 25 mln Products shipped

10.000 m2Warehouse in Italy

• Revenues: Euro 164.3 million

• Adj. EBITDA: Euro 22.6 million

• Adj. Net Profit: Euro 8,6 million

• Net Debt: Euro 22.0 million (0.97x Leverage ratio)

Brand recognition and strong positioning in EMEA markets

Excellence in quality, performance and innovation

Flexible & highly cash generative operating model

Management expertise

Cellularline development phases

Booming Phase development of the smartphone era

International development and market leadership

Managerial Expansion and listing I

Covid Phase Resilience Development of M&A strategy

Restart

Steady growth after Covid until Q3 2025

Riding the wave of new smartphone era

Offering a wide range of smartphone and tablet accessories

Developing international markets Focusing on operational excellence

Strengthening management team, compliance and IT system

The company reaches the European leadership in the accessories market for mobile devices

Resilience also thanks to financial soundness

Decision to continue M&A strategy on selected opportunities

Start of on-line sales

Increase international presence, mainly in Germany, Spain, France

Strenghten partnership with Italian top accounts, by activating new Film Application strategic business

Financial flexibility for further expansion

1990

2010

2013

2018 2019

2020/22

23/Q325

Cellular Italia is born

International strategy: Cellular Italia reaches distribution in over 50 countries

Growth project:

S.L.M.K. (PE

fund supported by LVMH)

acquires the majority of the company

Business combination with Crescita and listing on AIM (Italian Stock Exchange)

First acquisition: Systema

July 22nd

listed on MTA -STAR segment

Temporary turnover reduction due to:

• Covid impact on "physical" sales

• Loss of distributor on German market

• Second acquisition: Worldconnect AG

• Third acquisition: Coverlab

• Fourth acquisition: Allogio

• First ESG Report

  Fifth acquisition: Peter Jäckel GmbH New agreements with:

• MediaMarktSaturn (Germany)

• El Corte Ingles (Spain)

• Auchan Int'l (France and Spain) New agreements Film&Go in Italy:

• Unieuro

• Mediamarket

Distribution partnership with Telepass Grab & Go Cellularline becomes a Benefit Corporation

Social commerce

Fitness / Wellbeing

What

Has Happened

SO FAR

What

Is Happening NOW

Remote working / Productivity with AI

Mobile payments / Services

MP3/Music Player

Entertainment

Agenda

Camera

Alarm

Mobile Phone

Calculator

Newspaper

Portable Gaming Device

To make the group's brand the leading name in the accessories for digital devices market, with a reputation for creating simple, effective and sustainable solutions

To set the benchmark as a partner in the creation of long-term, sustainable value in the accessories for digital devices market

To cultivate a synergy-based selection

of brands that examine people's needs, then design and produce functional, sustainable solutions in order to bring out the full potential of the digital experience

To constantly improve

the processes we carry out

in tandem with our partners in order to customize our selection and services through a data-driven, omnichannel strategic approach

8

Brand

Product Type

Products

Protection & Style & Services

Charge and utility

Voice and music

Motorbike & bike

Travel adapters

Offer

Type

Subordinated to the smartphone market

These accessories satisfy needs that depend upon the use of the smartphone.

Their obsolescence is connected to the life cycle of the product itself.

Not subordinated to the smartphone market

The need of these products remains even if smartphone changes.

A high innovation rate is required.

Market leadership

47,8%

Revenues by geography (2)

52,2%

A European leader in the field of accessories for smartphones and tablets. We are the only company with a significant presence throughout the continent, with an absolute leadership position in Italy and Spain; among the top 3 players in Austria, Germany, France, Switzerland.

300 People

55 Countries

6 Offices

(1) Market value for smartphones accessories with price below € 100, estimated by management based on data provided by leading research institutes.

Strategic

internally managed

externalized

Cellularline controls all the value chain activities

▪

First tier one logistic

partner

+10,000mq warehouse dedicated Warehousing, picking,

packing & delivery

Fully automated warehouse

▪

▪

▪ ▪

▪ ▪

Outsourcing strategies

for production Industry partners selection

Negotiation of supply terms & conditions Quality control

▪

Sales and operations

strategy

Revenue growth mgmt Channel mgmt Category mgmt Customer plans Pricing strategy and

promo/impulse planning

PoS material development

▪

▪

▪

▪

▪

▪

▪

▪

Marketing analysis

R&D activities New product development

Product marketing SKUs planning and offer segmentation

Packaging development

▪

▪

▪

▪

▪

Logistic &

Warehousing

Manufacturing

Trade Marketing

RGM & Sales

R&D

Marketing

Distinctive strategy by channel

RTM processes (1):

Assortment, Distribution, Replenishment and

Attachment

Category Mgmt Strategy

& Store execution

Pos communication & impulse material development

Geography

A long-standing customer relationship

Sales channels

Italy

Consumer Electronics Mass Merchandise

Sales Director

National Account Manager

Direct Sales

Telco

Travel Retail & other channels

Sales Manager

Subsidiaries

International

Area Manager

Distributors

E-commerce dedicated team

Direct &

Market place

OMNICHANNEL APPROACH

b

b

Committed management team with long experience in FMCG

CEO

Christian Aleotti

(in CL from 1991)

Board Member and General Manager Sales

& Marketing

& IR

Marco Cagnetta

(in CL from 2004)

Giacomo Rizzi

(in CL from 2023)

Group Financial Officer

Maurizio Bossi (in CL from 2024)

Chief Operating Officer

Luisa Cataldo

(in CL from 2013)

Group HR

Manager

Ester Marino

(in CL from 2019)

Group Legal Director

Alessandro Vietti

(in CL from 2026

Deputy Chief Commercia

l Officer

Albino Spaggiari

(in CL from 2011)

Trade Marketing Director

Cristiano Canzan

(in CL from 2017)

Business Development & Field Director Italy

Paolo Cau

(in CL from 2009)

BU Italy Sales Director

Fabio Gusmani

(in CL from 2001)

Int'l Sales Director GM Cellular Spain & Cellular Middle East

Massimo Donninotti

(in CL from 2010

BU Interphone Director

Massimiliano Tarantino

(in CL from 2011)

Group Controlling & BI

Director

16

Product Development

Significant in-house R&D capability to ensure product innovation from new concept to effective outsourced manufacturing

Channels Development

Expand Travel Retail, Telco and Mass Merchandise channels and reinforce strategic partnerships in

Consumer Electronics

Online

International Expansion

Increase international brand penetration where the Group has ample room for growth, with an enriched brand portfolio

M&A

Stronger presence in online marketplaces and strategic cooperation with e-commerce platforms of consumer electronics market leaders

Expanding our competitive edge through external growth, supported by financial flexibility

2

3

4

5

1

1

2

3

4

5

Impact profile Statement

Recognized Leader in the Consumer Electronics market:

• Characterized by historically proven soundness and stability

• Growing presence of consumer electronics in everyday life

• Continuous introduction of additional product lines (wellness, productivity, entertainment, electric mobility, IOT, etc.)

Extremely flexible business model in terms of:

• Products (fully outsourced production)

• Channels (wide coverage and new access capabilities)

• Stores (full category management strategy)

Attractiveness for retail customers:

• Excellent know-how in building commercial strategies and managing exhibition spaces and operations

• Strong contribution to margin

• Synergy-based selection of brands

• Recognized for product innovation and reliability

• Preferred partner for retail, in consolidation phase (financial strength, investments in operations)

Growth opportunities in:

• International markets

• E-commerce

• New channels

• Historical track record of profitability and cash generation

• Dividend yield 2025: 5,2% (1)

• Target price range according to analysts €3.00 - 4.10

(1) Based on the stock price as of 7 May 2025

• Key economic performance indicators for 9M 2025 are as follows:

  • Revenues are €113,2M (€117,7M in 9M 2024)

  • Adj. Ebitda is €14,6M or 12,9% of Revenues (€15,1M or 12,8% of Revenues in 9M 2024)

  • Net Result Adj. €4,7M (€5,2M in 9M 2024)

• Net Debt reduction trend continues:

  • NFP down to €15,2M as of 30.09.2025 vs. €22,0M as of 31.12.2024, improving by €6,8M

  • Leverage ratio 0,68x vs 0,97x as of Dec 31, 2024

  • Operating Cash Flow: € 16,5M vs. € 19,1M in 9M 2024

Revenues EBITDA Adj.

Net Result Adj.

Net Financial Position

Leverage ratio

Net financial position

30.09.2025

31.12.2024

-

20,0

0,68x

0,97x

40,0 (€M)

9M 2025

9M 2024

-

5,0

10,0

15,0

(€M)

20,0

9M 2025

9M 2024

110,0

90,0

70,0

50,0

30,0

10,0

(€M)

130,0

9,0

(€M)

7,0

5,0

3,0

1,0

(1,0)

9M 2024

9M 2025

(€M)

117,7

1,0

0,8

113,2

(5,0)

(1,3)

Red line

80,0%

Product

Line

Black line

7,0%

Blue line

13,0%

130,0

125,0

120,0

115,0

International 52,2%

Geo

Italy 47,8%

110,0

105,0

100,0

9M 2024 Red Line Italy

Red Line Int.

Black line Blue line 9M 2025

20,0

18,0

16,0

14,0

(0,8)

0,3

12,0

10,0

8,0

6,0

4,0

2,0

0,0

9M 2024

Gross Margin*

Op.Ex.*

9M 2025

EBITDA Adj. bridge

Net result adj.

9M 2025

Taxes

Net Financials

D&A

Ebitda Adj.

Net result adj.

9M 2024

0,0

1,0

2,0

3,0

4,0

(0,1)

(0,0)

0,1

5,0

(€M)

6,0

Net debt

30.09.2025

Cash & Eq.

Other

IFRS 16

Fair Value Put & Call

Financial Liabilities

Net debt

31.12.2024

-

5,0

10,0

15,0

0,1

(0,0)

20,0

(€M)

25,0

Net Debt bridge

Net Debt

• Net debt as of 30 September 2025 is €15,2M compared to €22,0M as of 31 December 2024 mostly due to Operating Cash Flow of the period

• Unused credit lines at September 30, 2025 amount to €19,5M

  
  
  

• In the first nine months of 2025, we maintained a sound balance between profitability and financial strength, despite a challenging international market environment

• In this scenario, Red division experienced some headwinds in the international markets, whereas it continued to grow consistently in the domestic market. Black division sales continued to increase compared to Sept. 2024. Blue division is progressively recovering the gap experienced in H1

• We continue to invest in the Group's positioning both through business development projects with selected trade partners and by accelerating the pace of technological innovation across our core product ranges, particularly recharging and audio, as well as the latest categories of wearable accessories

• CFO: Giacomo Rizzi (formerly Group Finance, Tax and Credit Director) to replace Mauro Borgogno starting from Dec. 1, 2025

• Outlook for 2025:

  • The Group continues to be affected by the unfavorable conditions in its reference markets, despite a partial upturn achieved in the last quarter

  • In this context, considering the seasonal nature of the business-with a strong concentration of revenues and results in the final quarter of the fiscal year-and the ongoing market dynamics, the latest guidance disclosed in the September 10 press release is confirmed, based on the information available to date