Slides
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TURIN,12TH FEBRUARY 2026 12m2025 RESULTS CONFERENCE CALL
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INDEX - 1 - 01 EXECUTIVE SUMMARY NETWORK ACTIVITY 12m 2025 GROUP PRELIMINARY RESULTS 12m 2025 02 03
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01 EXECUTIVE SUMMARY
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TOTAL AGGREGATED SALES 12m aggregated sales amounted to € 1.225,7 mln (+4,0% YoY) with mixed performances across the Brands. Aggregated sales of sourcing centers (ASSC) were up by +1,4% compared to 12m 2024, confirming the positive trend in Q1Q2 2026 order book vs Y-1. GROUP CONSOLIDATED REVENUES Group consolidated revenues amounted to € 408,3 mln (- 0,2% YoY) despite the change in business model of certain partners (from distributors to licensees) with negative impact on direct sales. Royalties from licensees overall followed the same dynamics as aggregated sales. NFP WITH BANKS Net Financial Position with banks at - € 74,4 mln (compared to - € 90,8 at YE24) with the cash injection coming from K-Way transaction. During the last quarter, the Group completed the acquisition of Woolrich Europe, Sundek and Sebago France. FY cash flow incorporates purchases of own shares (€ 14,4 mln) and distribution of dividends to the shareholders (€ 7,4 mln). Consolidated revenues of 12m at € 408,3 million (-0,2% YoY) before the post-acquisition contribution of Woolrich (€ 7,5 million). Adjusted EBITDA at € 54,1 million whereas NFP with banks stands at € -74,4 mln incorporating the effect of extraordinary transactions. 01 EXECUTIVE SUMMARY EBITDA 12m EBITDA stood at € 54,1 mln (€ 61,1 mln in 2024) after the adjustment of extraordinary items (€ 4,4 mln) and € 20,5 mln in costs related to the K-Way transaction. 12m 24 benefitted from a non-recurring termination fee from a licensee (€ 6,7 mln). Q4 standalone recorded an € 14,2 mln performance as retail activity slowed down before January 2026 uprising.
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(74,4) (90,8)(92,6)(93,9) (37,7) (59,1) 12m 2025 12m 2024 12m 2023 12m 2022 12m 2021 12m 2020 54,161,158,160,9 44,2 19,8 12m 202512m 202412m 202312m 202212m 202112m 2020 408,3 409,2 396,8 386,1 297,0 260,4 12m 202512m 202412m 202312m 202212m 202112m 2020 1.225,71.178,51.141,1 1.273,1 965,9 821,2 12m 202512m 202412m 202312m 202212m 202112m 2020 TOTAL AGGREGATED SALES (TAS) € 1.225,7 mln € 408,3 mln EBITDA* € 54,1 mln NFP WITH BANKS € -74,4 mln CONSOLIDATED REVENUES* * 12m25 EBITDA ADJUSTED TO NEUTRALIZE THE IMPACT OF RAINBOW-RELATED COSTS & OTHER EXTRAORDINARY * 12m25 CONSOLIDATED REVENUES NET OF WOOLRICH POST-ACQUISITION TURNOVER (€ 7,5 MLN IN DECEMBER)
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02 NETWORK ACTIVITY 12m 2025
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907,7 864,7 318,0 313,8 12m2025 12m2024 € 1.225,7 mln € 1.178,5 mln Aggregated Brand Sales (ASL) Aggregated Sales of Sourcing Centers (ASSC) +5,0% +1,4% 02 - 6 - TOTAL AGGREGATED SALESNETWORK ACTIVITY 12m 2025 4,0%
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- 7 - ASL – GEOGRAPHIC AREA02 in € million 31.12.25 in % 31.12.24 in % Var Var % Europe 731,5 80,6% 662,7 76,6% 68,8 10,4% Asia and Oceania 42,1 4,6% 43,3 5,0% (1,2) -2,8% Americas 41,1 4,5% 58,2 6,7% (17,1) -29,4% Middle East and Africa 93,1 10,3% 100,5 11,6% (7,4) -7,4% Total ASL 907,7 100,0% 864,7 100,0% 43,0 5,0% NETWORK ACTIVITY 12m 2025
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NETWORK ACTIVITY 9m 202502 Q4 MARKETING KOMBAT XXV Jerseys USA Ski Special Collection Kappa X Campari Ski Performance Collection USA Ski Collection Serie B FootballInternational football kits 02 NETWORK ACTIVITY 12m 2025
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Q4 MARKETING Gomma Experience – Truffle hunting CELEBRITY & KOL SEEDING Alex Rivière, Kelly Rutherford & Alison Toby Pop-up at La Rinascente, Milan 02 NETWORK ACTIVITY 12m 2025
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Q4 MARKETING 02 Scotty James launch FW25 Ski Collection K-Way | Disney Artissima Art Fair HS x R&D collection InYour Life exhibition Opening K-Way Garibaldi CDG Play 02 NETWORK ACTIVITY 12m 2025
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Q4 MARKETING The Sartorial Tour Sebago Year Book Issue n.03 Sirène EventThanksgiving Experience Sebago X Rocky Mountain Sebago Nordlight Experience 02 NETWORK ACTIVITY 12m 2025
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03 GROUP PRELIMINARY RESULTS 12m 2025
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340,9 346,9 66,3 60,8 1,0 1,5 - 0,2% 03 GROUP PRELIMINARY RESULTS 12m 2025 - 13 - CONSOLIDATED REVENUES 12m2025 12m2024 -1,7% +9,0% -29,8% Direct sales of goods* Net royalties from licensees Consolidated real estate revenues € 408,3 mln € 409,2 mln * 12m25 CONSOLIDATED REVENUES NET OF WOOLRICH POST-ACQUISITION TURNOVER (€ 7,5 MLN IN DECEMBER)
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12,7 2,4 24,7 14,2 Q1 25 Q2 25 Q3 25 Q4 25 12,4 5,2 23,0 20,5 Q1 24 Q2 24 Q3 24 Q4 24 98,0 74,6 130,9 112,5 Q1 25 Q2 25 Q3 25 Q4 25 101,4 72,5 122,1 113,1 Q1 24 Q2 24 Q3 24 Q4 24 203,2 189,5 275,4 239,6 Q1 25 Q2 25 Q3 25 Q4 25 198,1 192,2 233,4 241,1 Q1 24 Q2 24 Q3 24 Q4 24 03 GROUP PRELIMINARY RESULTS 12m 2025 - 14 - QUARTERLY PERFORMANCE ASL CONSOLIDATED REVENUES EBITDA ADJUSTED
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EBITDA WALK € 61,1 mln € 54,1 mln EBITDA 12m2024 EBITDA 12m2025 CONSOLIDATED MARGINS ROYALTIES SPONSORSHIP & MKT G&A - 15 - OTHEROTHER INCOME LABOUR COST 03 GROUP PRELIMINARY RESULTS 12m 2025 7,3 7,2 8,6 6,4 4,2 1,8 0,5
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- 16 - NET FINANCIAL POSITION in € .000 31.12.25 in % 31.12.24 in % Var Var% Sub-total net money holdings 26.765 -14,0% (51.371) 36,2% 78.135 -152,1% Short-term portion of m/l term loans (13.621) (11.214) (2.407) 21,5% Short-term net financial position 13.144 -6,9% (62.585) 44,1% 75.728 29,5% Long-term portion of m/l term loans (87.379) (27.922) (59.457) 212,9% Financial leasing payables (177) (284) 106 -37,5% Sub-total loans and leasing payables (87.556) 45,8% (28.206) 19,9% (59.350) 210,4% Net financial position with banks (74.413) 39,0% (90.791) 64,0% 16.378 -18,0% Right of use debts (103.931) (43.080) (60.851) 141,3% Payables for future acquisition of company shares (14.376) (8.081) (6.294) 77,9% Net financial position (192.720) 100,0% (141.952) 100,0% (50.767) 35,8% 03 GROUP PRELIMINARY RESULTS 12m 2025
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NET FINANCIAL POSITION WALK - 17 - 03 GROUP PRELIMINARY RESULTS 12m 2025 (90,8) 39,3 (11,4) (18,2) (1,6) (2,6) (84,5) (23,9) (4,5) (14,4) (7,4) (24,7) (74,4) 170,4 NFP with banks YE 2024 OPERATING CASH FLOW CAPEX TREASURY SHARES PAYMENTS OF LEASES NFP with banks 12m 2025 € -74,4 mln ACQUISITION OF K-WAY NORMANDIE FRANCHISEE DIVIDEND PAYMENTS RAINBOW CONTRIBUTION K-WAY FRANCE EARN-OUT ACQUISITION OF WOOLRICH (SHARES + BRAND) ACQUISITION OF SUNDEK ACQUISITION OF SEBAGO FRANCE EXTRAORDINARY COSTS [PAID]
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- 18 - GLOSSARY AND ALTERNATIVE PERFORMANCE MEASURES Commercial licensees or licensees independent business owners, granted licenses to distribute Group brand products in their respective regions Productive licensees or sourcing centers third-party entities whose function is to manufacture goods branded with the Group brands for the exclusive sale to Commercial licensees or to Group companies Total Aggregated Sales (TAS) the sum of Aggregated Brand Sales (ASL) and Aggregated Sales of Sourcing Centers (ASSC) Aggregated Brand Sales (ASL) sales by commercial licensees – that generate royalties for BasicNet Group – and sales by the Group companies Aggregated Sales of Sourcing Centers (ASSC) sales by productive licensees – that generate sourcing commissions for BasicNet Group Consolidated revenues the sum of royalties, sourcing commissions, sales of products made by BasicNet Group companies and real estate revenues EBITDA “operating result” before “amortisation and depreciation” Adjusted EBITDA EBITDA pro-forma net of extraordinary non-recurring items and costs Net Financial Position total of current and medium/long-term financial payables, less cash and cash equivalents and other current financial assets Net Financial Position with banks Net Financial Position, excluding IFRS 16 and financial liabilities for the acquisition of businesses
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THANK YOU