FY25 Financial Results

Speakers

Agenda

Business Overview

Financial Results FY 2025

NET SALES amount to €608.7m (-8.3% vs LY or -5.3% vs LY excl. China, US and some non profitable channels);

EBITDA Ante IFRS16 Adj at €24.8m (€26.2m in FY2024);

EBIT Adj at €9.0m (€8.8m in FY2024);

Net result at -€16.2m (-€30.3m in FY2024);

BANK DEBT at Dec '25 amounts to -€92.6m vs -€103.2m at Dec'24

NET WORKING CAPITAL amounts to €135.7m or 22.3% as % of Net Sales (€ 104.4m or 15.7% at Dec '24).

Current Trading DTC

Regular B&M (W10) LFL YTD: -6.0%, Outlet B&M (W10) LFL YTD: -16.6%, DOS Digital (W06) LFL YTD: +10.7% vs FY

2025

Executive Summary

Business plan implementation:

Phase One is currently underway, delivering 2025 higher than expected results through significant costs optimization and operational efficiencies, while sales underperformed (-8.3% vs 2024).

2025 Results:

• The strong actions implemented by management to reduce and optimize the cost base (approx. €27.4 million saving) have offset the challenging dynamics of the sales performance, resulting in an adjusted EBIT in line with FY2024.

• Net loss FY2025 amounts to €16.2m, halved compared to FY2024. Bank Debt at -€92.6m (-€103.2m FY2024).

Agenda

• FY2025 was impacted by a decline in sales of approximately €55.1 million (-8.3%) compared to the previous year, due to a deteriorating market environment that is affecting both physical and online Wholesale channels.

• Gross margin on sales stable and resilient, supported by consolidated and well-established supply chain conditions.

• Adjusted EBIT (net of non-recurring items) at €9.0 million (€8.8 million in 2024) achieved thanks to cost efficiency measures, which helped mitigate the impact of lower sales volumes.

Business Review - Sales and Margins

Business Review - Net result

RETAIL: (3.3%) YoY*

Low single digit mainly driven by:

• DOS B&M LFL performance negative -1.8% vs 12m24.

• Franchising In Deal LFL performance deteriorated by -2.5% vs 12m24.

• Negative perimeter effect, amounting to around -€ 3.7 million due to

  network rationalization.

• Negative performance effect, amounting to around -€4.7 million due to a decline in store traffic which intensified in the last quarter of the year.

WEB: (4.6%) YoY*

Mid single-digit decrease mainly driven by:

• Weak performance of wholesale and marketplace platforms, partially offset by the positive LFL contribution of the owned website.

• DOS Web LFL up 3.9% vs 12m24, driven by the performance of GEOX

directly managed WEB site (LFL +4.6%) that more than offset third parties marketplace negative performance.

ROW: (21.1%) YoY

• Overall negatively impacted by the geographic perimeter change, following the closure

  of US and China subsidiaries, which led to a sales loss of €16.7 million.

• Positive performance in the MEA region, while Russia continued to underperform due to the ongoing instability related to the conflict.

EUROPE: (3.2%) YoY

• The European performance was driven by negative Wholesale results.

• DACH area confirms negative trend mainly across all channels.

• France continues to deliver a resilient and positive performance in Retail and Web, reflecting the solid market leadership, while underperforming in the Wholesale channel.

ITALY: (4.5%) YoY

• Wholesale and Retail delivered negative performance, only partially offset by WEB

performance growing mid single-digit (+5.4%).

Net sales by region

Footwear and Apparel underperformed 12m25 by 8.0% (-8.1% c.Fx) and by 11.2% (-12.1% c.Fx) respectively.

Net sales by product

Footprint as of 31 Dec '25 reduced by 46 doors in respect to 31 Dec '24:

• 5 net closures of DOS, most related to the HK subsidiary.

• 35 net closures of "Franchising In Deal" stores mainly in European countries following the

  network rationalization.

• 6 net closures of "Franchising OOD".

B&M Distribution network evolution

Agenda

Gross profit flat

• Gross profit confirms the now stable conditions of the supply chain.

Operating costs decrease by €27.4m driven by:

• Selling and distribution costs primarily include expenses related to the sales force and outbound transportation. These costs declined in line with the reduction in sales volume.

• A&P expenses saw a reduction (-60 bps), mainly driven by lower marketing

  expenditures.

• G&A expenses decreased, primarily due to lower costs associated with DOS operations (linked to perimeter reduction), along with reductions in personnel costs, logistics and consultancy expenses. It is worth noting that G&A expenses were adjusted by approximately €12.1 million of non-recurring items.

• EBIT Adjusted amounts to €9.0m (€8.8m in FY2024).

• EBITDA Adjusted amounts to €75.5m (€76.3m in FY2024).

• EBITDA Adjusted ante IFRS amounts to €24.8m (€26.2m in FY2024).

Financial Review - Income statement

Net financial expenses decline significantly driven by:

• Positive exchange rate amounting to €4.5 million mainly related to RUB, compared to

  -€5.4 million in the same period of the previous year.

• Slightly lower cost of debt, reflecting a lower average level of indebtedness supported by the capital increase and by reduced receivables assignment to the factor.

Financial Review - Balance sheet

Operating Working Capital

Bank Debt

• Bank Debt (*) as of 31 Dec '25 amounts to -€92.6 million, decreased by €10.2 million vs 31 Dec '24, as a result of:

  • €19.2 million cash absorption from operations capex and financial activities

    (of which €14.6 million capex).

  • €29.4 million from capital increase completion net of related execution costs.

• Net Debt (**) as of 31 Dec '25 amounts to -€101.5 million (-€90.9 million at Dec '24). The fair value of hedging instruments is negative at €9.0m (positive at €12.3 million at Dec '24).

• OWC represents 22.3% of LTM Net sales at 31 Dec '25, higher than 31 Dec '24

(15.7%).

Financial Review - Cash flow

4.Outlook

Agenda

Outlook

5.Q&A

Agenda