Corporate Presentation - H1 '25 Financial Results

Sep 2025

Corporate Presentation - H1 '25 Financiai Resuits

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This presentation has been prepared by Fourlis Group (the "Company") for informational purposes only. The information contained herein does not constitute an offer, solicitation, or recommendation to buy or sell any securities of the Company or any other entity.

The information in this presentation is based on publicly available sources and internal data considered reliable, but no representation or warranty, express or implied, is made by the Company, its directors, officers, employees, or agents as to the accuracy, completeness, or correctness of the information provided. Any reliance on such information is solely at the recipient's own risk.

This presentation may contain forward-looking statements that involve risks and uncertainties. These statements are based on current expectations, estimates, projections, and assumptions made by the Company about future events. Actual results may differ materially from those expressed or implied in such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, changes in economic conditions, market demand and supply, regulatory and legal developments, competition, technological developments, and other risks and uncertainties that are beyond the Company's control.

This presentation is not intended to be exhaustive or to contain all relevant information concerning the Company. Recipients of this presentation should conduct their own analysis and seek independent financial, legal, and other professional advice before making any investment decisions.

2

Deiivering on our strategic priorities.

Acceieratinggrowthmomentumacrosscorebusines,ses:

"

-" i

Successfui deconsoiidation of Trade Estates.x**

High

er dividend paid and canceiiation

of t

"

reasur sfi res. **

Ciear path to deiiver 2025 guidance.

3

i EA

i i ii ed exec























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rowt

• New stores: Patras (Oct '24), Heraklion (April 2025), Hellinikon

  (2028)

• A new Plan & Order studio opened in Bulgaria.

• New-generation urban IKEA stores.

  Sportin

  oods
  
  

• Foot Locker: Partnership initiated, 3 new stores in Bulgaria, acquisition of GR & RO operations in April 2025 (3 stores in GR & ecom & 3 stores in RO). 2 new stores after the acquisition (in GR & RO).

• Intersport: 6 stores in 2025 up to now (3 GR & 3 RO) incl. the launch of the world's 1st Intersport Football Club store in Athens.

  Heaith

  Weiiness
  
  

• 1 new store in Thes/ki in May '25.

  Lo9istics

• Collaboration with Interikea. DC fully operational mid of 202&.

  4

  
  
  
  
  
  

  m

  I

  
  
  

  Deconsolidation of Trade Estates

  • Private placement of 16% of Trade Estates' share

    capital in February 04 2025.

  • Fourlis group participation in Trade Estates at 47.3Oo.

  • Gain of 66.3 mil. for the group.

  • fi29 mil. proceeds from the placement.

  • Deleveraged the group's Balance Sheet and strengthened our focus on our retail business strategy

  • Trade Estates now consolidated as an Associate company (Equity method consolidation).

5

Fo

1i

Home Furnishings Sporting Goods

Health & Wellness

Logistics

Participations in Associated Companies

The home

furnishings leader

Sports retail powerhouse

•7INTERSPORT•

The wellness

destination

The retail supply

chain specialist

ecialize REI

ail

TradeEstates

6

Four1is group to

ay

Participations in Associated

Home Furnishings Sporting Goods

Health & Wellness

Logistics

Companies

Presence in GR, BG and CY through 22 stores & shops

Leading position in the

HF market

Intersport

Presence in GR, RO, BG and

CY through 122 stores

No 1 Sports Retailer in Brand awareness & Brand Equity in GR

Agreement signed in 2022 2 DCs covering the group's Fourlis group owns 470/o.

logistics needs

Attractive and fast-growing Supporting e-commerce In 2025 consolidated as an

sector and physical stores ASsociate Company (Equity One of the largest wellness method).

retailers in Europe Further expansion in 3PL

GAV at 6561 mil. and NAV at

One of the best

11 stores in total &

Operational management 6313 mil. / 7.5% annual rental

performing partners of

Interlkea

Foot Locker

Not Global leader in sneakers

marxe‹

ecommerce

Network expansion

of the new international DC of Interlkea "*

yield / 80-9 o dividend

ppou

FF +37% at 9.9 il in H1'25

Growing organically

through network

expansion.

£iFld License for 8 SEE countries.

Currently 11 stores(GR/BG/RO) & 1 ecom in GR

GAV of 6720-7d

The home

furnishings leader

Sports retail powerhouse

•7INTERSPORT•

THE HEART OF SPORT

The wellness

destination

The retail supply

chain specialist

ecialize REI

tail

TradeEstates 7

Consolidated P&L H1 '25

• Revenue growth with accelerating momentum.

  (O2'25 +J3% yoy / OJ'25 +1.7% yoy)

• Strong Gross Profit margin performance supported by supply chain efficiencies, improved product mix and lower cost of goods due to higher purchases.

• Contribution from Trade Estates (47.3% stake in the Associated Company Trade Estates - Equity Method consolidation).

• EBIT influenced by phasing of opex and increased investments in H1 '25.

• Profitability after tax recovery.

• H2 '25 In line with 2025 objectives.

YTD Q3 '25 trading update

Strong sales growth trajectory continued in Q3.

EBITDA-adjusted * EBITDA-adjusted margin

11.2

4.6%

-22.6%

8.7

3.3%

• Group O3 '25 up to date +17%.

• Home Furnishings O3 '25 up to date +1OO7*o.

• Sporting Goods O3 '25 up to date +32%.

  *EBITDA -- EBl7 + depreciation oL RoUA + depreciation oL assets. EBl7DA (adjusted} -- EBl7DA - rental costs 9

  
  
  

  EBITDA-adjusted used to better reflect underlying operational performance.

  EBITDA-adjusted reinstates lease expenses in the calculation, providing a clearer representation of the Group's underlying profitability and cost structure, independent of lease accounting treatment.

  16.4

  EBIT depreciation of Right of Use Assets depreciation of assets EBITDA (Reported)	HJ '24 8.4 J5.3 7.6 3J.3	Group H1 '25 &.0 8.4 30.8		EBIT depreciation of assets EBITDA (OPR)		Group HJ '24 HJ '25 8.4 6.0 7.6 8.4 J6.0 J4.4
  rental costs	-20.1	-22.1
  EBITDA (adjusted)	1J.2	8.7

  Calculation

  • EBiTDA (Reported) = EBiT + depreciation of RoUA + depreciation of assets

  • EBiTDA (adjusted) = EBiTDA (Reported) - rental costs

  • EBiTDA (OPR) = EBiT + depreciation of assets

    *See Appendix for the EBITDA analysis per Business Unit

    1 0

    
    
    

    Supporting investments, operational needs and the group's sustainable growth,

    while also returning value to shareholders.

    Focus on financiai fiexibiiity Investing in expansion

    95.2

    Net Debt

    
    
    
    
    
    

    87.6

    Total Capex of 6 12.9 mii.

    i.e.

    Maintenance: 63.4 mil.

    Digital transformation: 62 mil.

    Expansion: 67.5 mil.

    iKEA & Intersport & Foot Locker stores network expansion.

    Enhanced shareholder returns

    Η1 '24 H1 '25

    • fi0.J5 DPS for FY '24 paid in July '25, up +25% vs

      prior year and payout ratio of c. 38O7'o.

    • Cancelation of 2,606,590 treasury shares (4.9O7'o of

share capital), leading to EPS growth.

1 1

1 2

The group's participations

• Trade Estates: estimated NAV of TE € 330 mil. at 31/12/2025 (FG : 47,3% participation)

• South Sofia Ring Mall: estimated NAV € 70 mil. at 31/12/2025 (FG : 50% participation)

13

e e e e

I I I I

1 5











m

I

me Fu i Strategi Priorities

Network expansion

Reinforcing our presence near city-centers in the province

Focus on omnichannel approach Focus on supply chain efficiencies Leverage digitalization

1 7

(amounts in 6 mil.)

HI '24

OO HI '25

Home Furnishings (IKEA stores)

H1 '25

• Q2 '25 +8.1% yoy, O1 '25 (-0.6%).

• Significant improvement in gross profit margin thanks to supply chain efficiencies and favorable product mix.

• EBIT influenced by phasing of opex and increased

  investments in H1 '25.

  
  
  

• H2 '25 In line with 2025 objectives.

EBITDA (adjusted)* EBITDA (adjusted) margin

'See Appendix lor further details

12.2 -29.3% 8.6

7.6% 5.2%

YTD Q3 '25 trading update

Accelerating growth momentum.

*EBITDA --EBIT + depreciation of RoUA + depreciation of assets. EBITDA (adjusted) --EBITDA - rental costs

• O3 '25 sales up to date +10

18

Home Furnishings

2 S yrs of partnership

3 counties: Greece, Cyprus and Bulgaria.

2 2 iKEA stores of different formats.

Ecommerce in all 3 countries.

2,1 0 0 employees.

Create a better everyday life for the many people

IKEA is the world leader in home furnishings and accessories. It was founded in Sweden in J943 and today IKEA operates over 460 stores in 62 markets.

0

O

15 stores (large-medium-new gen)

o 7 PuOPs 1 9

2 0









• Launch of the world's first

• A 2nd Football store set to open in Thessaloniki in Sep '25.

p.



6 news stores within 2025

up to date.

Sporting Goods Strategic Priorities

Enhance our leadership position in sports performance Enter dynamically in the sports lifestyle market Expand in new geographies

2 3

Focus on synergies between the brands

Focus on E-commerce growth and omnichannel approach

Focus on supply chain efficiencies

Leverage digitalization

•MINTERSPORT

THE HEART OF S PORT

foot Locker

EBITDA*

10.8

25.3%

13.5

Sportswear H1 '25

(intersport & Foot Locker stores)

• Accelerating sales growth: Q2 '25 +22.1% yoy / O1 '25 +6.1%.

  EBITDA margin 13.0%		14.1%
  EBIT 0.4	402.1%	1.8
  EBIT margin 0.4%		1.9%

• Sales supported by improvement in product range, higher customer traffic, resilient consumer demand, strengthened brand partnerships, and network expansion.

• Higher GPM on the back of optimized inventory management, favorable product mix, lower cost of goods due to higher purchases, and synergies arising following the group's partnership with Foot Locker.

• Cost discipline and operating efficiencies led to operational

  
  
  

  improvement.

  EBITDA (adjusted) * EBITDA (adjusted) margin

  'See Appendix lor further details

  2.7 49.9%

  3.2%

  4.0

  4.2%

  YTD Q3 '25 trading update

  *EBITDA --EBIT + depreciation of RoUA + depreciation of assets. EBITDA (adjusted) --EBITDA - rental costs

  Strong growth momentum maintaine

  • O3 '25 sales up to date +32O7*o.

24

•MINTERSPORT

THE HEART OF 5 PORT

# 1 Performance Omni Multi-Brand

2 S yrs of partnership

counties: Greece, Romania, Cyprus and Bulgaria.

1 2 2 INTERSPORT stores (65 in Greece, 40 in

Romania, 11 in Bulgaria and 6 in Cyprus)

Ecommerce presence in all 4 countries.

1,S 0 0 employees.

Sportswear

# 1 Sneaker Omni Multi-Brand

Presence since 1974 in 26 countries through 2,454 stores worldwide

counties: Greece, Romania, Cyprus and Bulgaria, Slovenia, Croatia, Bosnia & Herzegovina, Montenegro

Foot Locker stores (4 in Greece/ 3 in Bulgaria / 4 in Romania) in 2025 up to today & 1 ecom In Greece

Ecommerce will be present in all countries

2 5

2 6

• J new store in Thessaloniki in

H1 *25.

• JJ stores in total &





further the awareness.

Retaii Heaith & Weiiness (HOLLAND & BARRETT stores) H1 '25

EBITDA (adjusted) *

'See Appendix lor further details

-1.0 6.1%

• 60% customer loyalty and high conversion rates.

• Strong Like-for-like stores growth (above 25O7'o)

• Ecommerce shows a dynamic presence, with its

  participation in total RHW sales at 15%.

  
  
  

• Ecommerce high participation outside of Athens.

• Awarded with the Gold Award for its customer I yalty

program "Rewards for Life."

*EBITDA --EBIT + depreciation of RoUA + depreciation of assets. EBITDA (adjusted) --EBITDA - rental costs

28

Appendix

Net financiai Income/(Expenses)

of the Retaii Business

Depreciation Anaiysis

Group

Interest & Bank expenses & other

IFRS16 interest

Total

HI '24

-4.1

-6.4

-10.5

HI '25

-3.9

-7.5

-11.3

Group

Depreciation (assets)

Depreciation of Right of Use Assets (RoUA)- IFRS 16

HI '24

7.6

15.3

HI '25

8.4

16.4

30