Presentation 9M25 Financial Results

Today's presenters

Agenda

Results 9m 2025

NET SALES amount to €492.8m (-6.2% vs LY or -3.8% vs LY excl. China e USA).

ADJ EBIT MARGIN higher than 9m24 by around €4m (100 bps), driven by approximately €20m cost reduction.

NFP (pre-IFRS16) at Sept '25 amounts to -€119.0m vs -€90.9m at Dec '24 and -€145.8m at Sept '24. BANK DEBT at Sept '25 amounts to -€106.6m vs -€103.2m at Dec '24 and vs -€138.4m at Sept '24.

NET WORKING CAPITAL at Sept '25 amounts to €161.4m or 25.6% as % of Net Sales (€104.4m or 15.7% at Dec '24 and €163.5m or 24.7% at Sept '24).

Agenda

WHOLESALE: (4.9%) YoY*

Mid single-digit decrease mainly driven by:

• Softer sell-in for SS25 and FW25 campaigns across key geographies.

• Negative performance, mainly in France, Iberian region and Russia.

RETAIL: (0.3%) YoY*

Minor decline as:

• DOS B&M LFL performance slightly negative -0.6% vs 9m24.

• Franchising In Deal LFL performance deteriorated by -3,1% vs 9m24.

• Perimeter effect negative, amounting to around -€ 1.3 million due to

network rationalization.

Net sales by channel

WEB: (6.9%) YoY*

Mid to high single-digit decrease mainly driven by:

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

• DOS Web LFL down -2.4% vs 9m24, driven by negative performance

of third parties marketplace only partially offset by positive contribution of GEOX directly managed WEB site (+3,7%).

ITALY: (0.5%) YoY

• Stable overall with WEB's strong performance growing double-digit.

• Wholesale, delivered negative performance (-4.0%), while Retail substantially flat.

EUROPE: (1.6%) YoY

• Overall performance was slightly negative, as the positive results from the Retail channel were more than offset by the weaker Web and Wholesale performance,

  particularly in France and Iberian region.

• DACH area confirms negative trend mainly across all channels.

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

NET SALES BREAKDOWN

ITALY 29% | EUROPE 48% | ROW 23%

ROW: (19.7%) YoY

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

  of the China and US subsidiaries which led to a sales loss of €13.4 million.

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

Net sales by region

NET SALES BREAKDOWN

FOOTWEAR 91%

_______

APPAREL 9%

Footwear and Apparel underperformed 9m24 by 5.6% (-5.7% c.Fx) and by 11.9% (-12.4% c.Fx) respectively.

Net sales by product

141

169

236

Footprint as of 30 Sept '25 reduced by 49 doors in respect to 30 Sept '24:

• 11 Net closures of DOS, mostly related to the Chinese branch, result in a negative perimeter effect of

  €1.7 million

• 31 Net closures of "Franchisee In Deal" stores mainly in European countries following the network

  rationalization, resulted in a negative perimeter effect of €2.7 million.

• 2 Net closures under new distribution agreements, mainly in China and HK, thanks to the recently signed distribution partnership.

B&M Distribution network evolution