1H25 Financial Results

Executive Summary

Business Overview

Capital increase completed

• The first phase of the capital increase was completed on June 17, 2025, with the full subscription of no. 107,697,200 new shares, corresponding to a total consideration of €29.9 million.

  Business plan implementation

• Phase One is currently underway, delivering effective results through significant cost optimizations and operational efficiencies, supporting margins and profitability in line with business plan expectations.

• Encouraging feedback from SS26 sales campaign started in May.

  1H 2025 results

• Sales were broadly in line with expectations, with both physical and online Wholesale channels remaining under pressure, reflecting the persistently cautious market sentiment.

• Cost efficiencies and the ongoing optimization strategy supported a positive performance, driving a significant improvement in margins and profitability in 1H 2025 compared to first half of 2024.