Geox S.p.a.MIL: GEO

1Q 25 Financial Results

· Issued by Geox S.p.a.


1Q 25 Financial Results

May 13th 2025



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Enrico Mistron CEO Andrea Maldi CFO Luca Amadini

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IR Manager


Today's presenters

Business Overview

Results 1Q 25

NET SALES amount to €189.0m (-2.4% vs LY or -2.6% c.Fx).

NFP (pre-IFRS16) at Mar'25 amounts to -€108.5m vs -€90.9m at Dec'24 and vs -€134.9m at Mar' 24.

BANK DEBT at Mar'25 amounts to -€108.6m vs -€103.2m at Dec'24 and vs -€136.8m at Mar'24.

NET WORKING CAPITAL at Mar'25 amounts to €144.6m or 21.9% as % of Net Sales (€104.4m or 15.7% at Dec'24 and €163m or 23.6% at Mar'24).



Executive Summary

Business plan implementation

  • Phase One is underway, delivering strong performance in terms of significant cost optimizations and efficiencies, benefiting margins and profitability in line with business plan expectations.

    First quarter sales in line with expectations

  • WEB continued to grow, driven by solid performance across direct and wholesale platforms.

  • Wholesale remained under pressure, reflecting a still cautious market sentiment.

  • Retail slightly underperformed, impacted by an unfavorable commercial calendar and perimeter reduction, yet LFL DOS performance substantially in line with previous year.

    Group's financial profile has strengthened, supported by:

  • Improved working capital management, reflecting tighter control on inventories.

  • Successful debt rescheduling, which reduces financial pressure coupled with availability of new funds, following the planned capital increase initiative.

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Net sales by channel

Sales impacted by 2024 geography rationalization but strong web channel performance

WHOLESALE: (4.3%) YoY

Mid single-digit decrease mainly driven by:

  • Softer sell-in for the SS25 campaign across key geographies, partially

offset by the earlier timing of product deliveries (and invoicing) to Wholesale customers compared to the previous year.

(2.4%)

(2.6%)c.Fx

3m24 vs 3m25 - Change %

Actual

(4.3%)

(5.5%)

4.6%

(2.4%)

c.Fx

(4.5%)

(5.6%)

4.2%

(2.6%)

RETAIL: (5.5%) YoY

Mid single-digit decrease mainly driven by:

  • Penalizing sales calendar and perimeter reduction due to store closures mainly finalized in FY24, which continued to impact Q1 2025 resulting in a sales decrease of €1.5 million mainly related to Franchising "In deal".

  • DOS B&M LFL performance substantially in line with Q1 2024.

Actual Restated (Excl. China /USA) (3.0%) (3.6%) 9.4% (0%)



WEB: 4.6% YoY

Mid single-digit increase mainly driven by:

  • WHS WEB also benefit by earlier timing of product deliveries.

  • Solid growth path driven by FY24 marketplace new openings and strong e-commerce demand.

  • LFL DOS WEB performance positive by +3.2% in line with past quarters

path.

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