Slides
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9m 2026 RESULTS CONFERENCE CALL TURIN 21ST OCTOBER 2026
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- 1 - INDEX 01 EXECUTIVE SUMMARY 02 NETWORK ACTIVITY 9m 2026 03 GROUP INTERIM RESULTS 9m 2026
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01 EXECUTIVE SUMMARY
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- 3 - EXECUTIVE SUMMARY PERFORMANCE * DATA PRO-FORMA CONSOLIDATED REVENUES 369,0 m€ in 9m 2026 +21,6% vs Y-1 NFP WITH BANKS -174,2 m€ in 9m 2026 0,0 m€ in 9m 2025 EBITDA 38,0 m€ in 9m 2026* -4,7% vs Y-1* AGGREGATED SALES LICENSEES 948,5 m€ in 9m 2026 +4,4% vs Y-1
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- 4 - EXECUTIVE SUMMARY PERFORMANCE CONSOLIDATED REVENUES NFP WITH BANKS EBITDA AGGREGATED SALES OF LICENSEES ASL increased from 668,1 to 745,0 m€, partially benefitting from the additional direct sales of newly acquired brands. Performance varies across different brands and geographies, as Europe (+13,9%) –mostly directly operated by the Group– is steadily the most relevant market. Consolidated revenues, including direct sales of 327,4 m€ (+29,6% Y-o-Y, +1,4% at like-for-like) and royalties of 40,8 m€ (vs 49,9 m€ in 9m 2025), overall report a 21,6% increase. Expansion and rationalization of the direct retail network continues while e- comm reports a strong performance. Q3 characterized by positive WHS deliveries whereas retail channel was unfavoured by weather conditions. EBITDA at 38,0 m€ (9m 25 pro-forma, net of costs related to K-Way transaction, was at 39,8 m€) as several right-sizing actions at Woolrich and Sundek will produce their run-rate effect starting from Q3 (personnel severance, right-sizing of direct retail, closure of Woolrich HQ and showroom, synergies on G&A, …) NFP with banks increasing to 174,2 m€ as 9m cash absorption is needed to fund TWC, especially in relation to the new Brands. Indebtedness expected to drop by year-end as WHS receivables are fully cashed in and retail activitiess are fully exploited across Q4. Purchase of treasury shares reduced in Q3 compared to previous periods. 9M REPORTS AN INCREASE IN CONSOLIDATED REVENUES BY 21,6% (WOULD BE -2,2% NET OF WOOLRICH AND SUNDEK). EBITDA AT 38,0 M€ AS NFP WITH BANKS SLIGHTLY EXCEEDS 174,2 M€ FOLLOWING REGULAR TWC SEASONALITY AND INVESTING ACTIVITY ON DIRECT RETAIL AND REAL ESTATE.
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02 NETWORK ACTIVITY 9m 2026
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- 6 - NETWORK ACTIVITY 9m 2026 AGGREGATED SALES € 745,0 MLN 9m 2026 ASL (+11,5% vs Y-1) € 203,5 MLN 9m 2026 ASSC (-15,5% vs Y-1) 203,5 240,9 223,1 233,3 279,5 176,1 745,0 668,1 623,6 625,2 649,9 540,4 9m 20269m 20259m 20249m 20239m 20229m 2021
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- 7 - NETWORK ACTIVITY AGGREGATED SALES BY GEOGRAPHY AMERICAS € 24,6 MLN -19,0% EUROPE € 614,6 MLN +13,9% MIDDLE EAST & AFRICA € 75,6 MLN +11,5% ASIA & OCEANIA € 30,1 MLN +0,4% € 745,0 MLN 9m 26 ASL +11,5% VAR VS 9m 25 (668,1 M€)
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- 8 - NETWORK ACTIVITY KAPPA Q3 2026 KAPPA + FUTURFESTIVAL Kappa strengthens its connection with music and contemporary youth culture through the Kappa FuturFestival, one of Europe's leading electronic music festivals. The partnership brings together the brand's sportswear heritage with the energy of the international music scene, featuring a dedicated festival collection that celebrates creativity and self-expression while reinforcing Kappa's positioning at the intersection of fashion, music, and lifestyle. KAPPA + LES ARDENTES Kappa expands its presence in the urban music scene through its collaboration with Les Ardentes, one of Europe's most influential festivals dedicated to hip-hop and contemporary music. At the heart of the collaboration is an exclusive capsule collection that blends Kappa's iconic sportswear DNA with the festival's bold urban identity, creating a strong connection with a new generation of consumers and strengthening the brand's relevance within streetwear and youth culture. KAPPA + LFDY Kappa joins forces with Live Fast Die Young (LFDY) to explore a distinctive, unconventional approach to contemporary fashion. The collaboration merges Kappa’s sporting legacy with LFDY’s rebellious spirit and strong visual language, resulting in a capsule collection defined by bold silhouettes, striking details, and a confident attitude. A creative fusion that pushes boundaries and introduces a fresh interpretation of Kappa’s iconic identity. GYRA FOOTBALL BOOT Kappa introduces GYRA, a new footwear silhouette that combines distinctive design with a fresh, forward-looking vision of the brand. The launch marks a new chapter in Kappa’s footwear offering, highlighting the brand’s commitment to product innovation and design evolution. With its unique character and contemporary appeal, GYRA aims to attract style-conscious consumers and expand Kappa’s presence in the sneaker market. FOOTBALL KIT LAUNCHES Kappa celebrates its strong connection with football through a series of kit launches across its international portfolio of sponsored clubs, including Cádiz CF, Partizan Belgrade, Athens Kallithea, Genoa CFC, OGC Nice, and Kaizer Chiefs. Each launch reflects the club’s unique identity and heritage, combining Kappa’s technical expertise with distinctive designs that strengthen the connection with fans and reinforce the brand’s presence in international football.
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- 9 - NETWORK ACTIVITY SUPERGA Q3 2026 American singer Scout LaRue Willis, daughter of Demi Moore and Bruce Willis, was spotted in Milan during Fashion Week wearing Superga 1925 Made in Italy sneakers. Celebrating Italian style, the iconic model blends timeless elegance and everyday comfort. Superga has also been spotted on other socialites, including Viky Rader and Apolline Thibault, reaffirming its status as a true icon of Italian casual chic. CELEBRITY & KOL SEEDING Verona, September 30, 2026 — “Superga x Pasqua” marks the first collaboration between Superga, the historic Italian footwear brand founded in Turin in 1911, and Pasqua, a Verona- based winery with a strong international outlook and a contemporary spirit. The project brings the two Italian companies together for the first time, as they look to carry their century-old legacies into the future and onto the global stage through a distinctive and irresistibly cool style. SUPERGA X PASQUA Superga launched its collaboration with Ciao Amore on the evening of 23 September at Tommasi Milano, with an event titled "Let's Escape Together". The collaboration introduces the Superga 2750 "Ciao Amore", a model that reinterprets the brand's iconic silhouette through soft shearling, with red running throughout as a signature colour. The design is completed by an embroidered logo on the back, a personalised pin on the laces. SUPERGA X CIAO AMORE
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- 10 - NETWORK ACTIVITY K-WAY Q3 2026 LF COLLECTION POLIFONIC From 21 to 30 August 2026, K-Way took part in All Points East, one of the UK’s leading music festivals, with a dedicated branded area offering visitors an immersive brand experience. The space combined product customization and gaming activities, creating an interactive environment. The activation strengthened the brand’s presence in the British market, connecting with a new generation of creatives, talents and music lovers. ALL POINTS EAST For the fourth consecutive season, K-Way and Soeur, the French label known for its essential and contemporary aesthetic, renew their collaboration with a new capsule collection that combines performance and refinement. Crafted from K-Way’s innovative 2.1 Amiable nylon, a water-repellent fabric made from 100% recycled materials, the collection reinterprets outerwear through three distinctive silhouettes: a reissue of the iconic Pradel trench coat, a cape with a removable hood, and a raincoat featuring a cape-inspired construction enhanced with feminine details. All styles are available in the sophisticated Sesame and Chocolate colourways. K-Way’s Fall-Winter 2026 collection focuses on functional versatility, material innovation and construction quality, reinterpreting outerwear through premium performance fabrics and updated volumes and proportions. Designed to adapt seamlessly to different settings and occasions, the collection balances technical functionality with refined textiles, while remaining true to the brand’s smart-casual DNA. This season also introduces redefined women’s silhouettes and a Ski collection that combines high-performance technical features with a bold, energetic visual language. FW26 COLLECTION SOEUR From 22 to 26 July 2026, K-Way took part in Polifonic Festival in Puglia with a dedicated branded space designed as a chill-out area and meeting point. Featuring the brand’s colours, the space offered shade, relaxation and refreshment, extending K-Way’s concept of protection to the summer festival experience and strengthening its connection with music, community and outdoor living. On June 1st, 2026, K-Way and brand ambassador Leonardo Fioravanti launched their SS26 capsule collection, celebrating the connection between surfing, water, and outdoor living. The collection combines K-Way’s technical expertise with a lifestyle aesthetic inspired by surf culture, featuring functional outerwear, casual apparel, beachwear, and accessories. The campaign highlights Leonardo’s everyday life beyond sport, presenting surfing as a lifestyle that connects the city, travel, and the sea.
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- 11 - NETWORK ACTIVITY SEBAGO Q3 2026 The second edition of the Sebago Rowing Cup brought nine international teams to Turin. Organised in close collaboration with the City of Turin, the event welcomed Italian and international journalists, agents and clients. With rowing closely tied to Sebago’s heritage, the regatta celebrated the values of sport, teamwork and community that are central to the brand’s identity. Created to celebrate Sebago’s 80th anniversary, the Boat Tour reached its final stop in Turin during the Sebago Rowing Cup. The iconic Docksides boat joined the event on the River Po, concluding a journey that brought the brand’s nautical heritage to life across European cities. Sebago hosted the first event at its Saint-Tropez monobrand store during Les Voiles de Saint- Tropez. Boat owners, crews, friends of the brand and clients gathered for an aperitivo, bringing the local sailing community together and the spirit of the regatta into the store. Sebago joined Les Voiles de Saint-Tropez alongside Resolute Salmon, sponsoring the boat and dressing its crew for the historic sailing competition. Resolute Salmon’s victory marked a memorable conclusion to the partnership, celebrating Sebago’s longstanding connection to the water and its sailing heritage. Sebago celebrated its collaboration with Westerlind through a dedicated pop-up inside the retailer’s New York store. A launch event brought together clients, press and friends of the brand to discover the collection, introducing the partnership through a shared retail experience. SEBAGO ROWING CUP SEBAGO BOAT TOUR SAINT-TROPEZ STORE EVENT LES VOILES DE SAINT-TROPEZ SEBAGO X WESTERLIND
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- 12 - NETWORK ACTIVITY WOOLRICH - SUNDEK Q3 2026 Woolrich announces its partnership with Genesis, the festival created by Ludovica Rubbini and Riccardo Gaspari that, from 3 to 6 September, transforms the Dolomites between Cortina d’Ampezzo and Borca di Cadore into a space for care and connection, bringing together gastronomy, culture, and the local landscape. Woolrich presents The Great Outdoors, a photographic and cultural project dedicated to the American landscapes that have shaped the brand’s identity. Parks, mountains, forests, rivers and remote roads become a living archive, captured through the perspectives of different authors. Independent of the commercial calendar, the project will evolve over time, weaving together nature, human presence, past and present. Woolrich held an outdoor shooting campaign in Sansicario featuring the Fall Winter 2026 collection and some of its iconic archive pieces. A digital and physical activation in Ibiza brought the Sundek x Scalpers collaboration to life. Featuring six talents, the campaign generated 452.666 impressions and an engagement reach of 87.884 At the Mini Open Tennis Ibiza, Sundek partnered with Cala Bassa Beach Club to engage 1.000 VIPs, buyers, journalists, influencers, and Spanish footballers through pool branding, a dedicated booth, live customization by Nicolas Villamizar, and boardshort seeding EL BRITE - GENESIS THE GREAT OUTDOORS WOOLRICH - FW 26 SUNDEK X SCALPERS SUNDEK X MINI OPEN TENNIS
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03 GROUP INTERIM RESULTS 9m 2026
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327,4 252,7 40,8 50,0 0,8 0,9 9m 2026 9m 2025 - 14 - GROUP INTERIM RESULTS 9m 2026 CONSOLIDATED REVENUES € 40,8 MLN NET ROYALTIES -18,3% VS 9m 2025 € 327,4 MLN DIRECT SALES +29,6% VS 9m 2025 € 0,8 MLN REAL ESTATE REVENUES -7,3% VS 9m 2025 +29,6% -18,3% -7,3% +9,4%
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39,8 38,0 57,5 (8,7) (11,6) (26,3) 3,7 (14,7) (1,8) - 15 - GROUP INTERIM RESULTS EBITDA WALK EBITDA 9m 2026 CONSOLIDATED MARGINS ROYALTIES SPONSORSHIP & MKT G&A OTHERFULFILLMENT COSTS LABOUR COST EBITDA 9m 2025
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- 16 - GROUP INTERIM RESULTS EBITDA BY QUARTER 12,7 2,4 24,7 14,2 Q1 25 Q2 25 Q3 25 Q4 25 15,4 (6,3) 28,8 Q1 26 Q2 26 Q3 26
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- 17 - GROUP INTERIM RESULTS NFP WALK OPERATING CASH FLOW ACQUISITIONS DIVIDENDCAPEX TREASURY SHARES NFP WITH BANKS YE 2025 NFP WITH BANKS 9m 2026 -31,6 m€ OPERATING CASH FLOW OPERATING CASH FLOW MOSTLY AFFECTED BY THE USUAL BUSINESS CYCLE – CHANGES IN TRADE WORKING CAPITAL ABSORB OVER 48,0 M€, OF WHICH 21 M€ RELATED TO WOOLRICH. Q4 OPERATING CASH FLOW EXPECTED TO BE POSITIVE. -22,0 m€ CAPEX CAPEX OF THE PERIOD INCLUDES THE ACQUISITION OF THE NEW VIA PADOVA BUILDING (2,3 M€), RENOVATION WORKS CARRIED OUT AT BASIC VILLAGE (5,3 M€), RETAIL EXPANSION (4,0 M€) AND INVESTMENTS IN THE IT INFRASTRUCTURE (4,9 M€). -6,8 m€ ACQUISITIONS NO UPDATE IN Q3 COMPARED TO H1: PAYMENT OF THE FINAL K-WAY FRANCE EARN-OUT (5,3 M€) AND SETTLEMENT OF THE BALANCE OF SEBAGO FRANCE PURCHASE PRICE TO ARE & WHY(1,6 M€). AN ADDITIONAL PAYMENT UP TO 1,0 M€ WILL BE DUE IN Q1 27. -33,1 m€ OTHER OTHER PAYMENTS INCLUDE THE DIVIDEND DISTRIBUTED TO BASICNET SHAREHOLDERS (7,6 M€), THE REPAYMENT OF RESERVES TO OTHER SHAREHOLDERS FROM K-WAY (2,0 M€), THE USUAL PURCHASE OF TREASURY SHARES (6,8 M€) AND THE PAYMENT OF IFRS 16 DEBT. (31,6) (22,0) (16,7) (74,4) (6,2) (6,8) (6,8) (9,6) (174,2) IFRS16 PAYMENTS -6,2 m€ WOOL EXTRAORDINARY WOOLRICH EXTRAORDINARY CASH-OUT INCLUDES THE PAYMENT FOR SEVERANCE, THE BREAKAGE COSTS OF BOLOGNA HQ AND THE CASH-IN FROM THE SALE OF MILAN STORE. WOOL EXTRAORDINARY
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- 18 - GROUP INTERIM RESULTS NFP WALK BY QUARTER (15,0) 64,0 (37,7) 26,3 (26,3) (0,0) (119,2) 44,8 (90,8) (74,4) 169,9 FY 24 K-WAY DISPOSAL OTHER CASH FLOW Q1 25 OTHER CASH FLOW H1 25 OTHER CASH FLOW Q3 25 ACQUISITIONS OTHER CASH FLOW FY 25 (74,4) (174,2)(27,9) (102,3) 0,6 (43,9) (145,6) (6,7) (21.8) FY 25 OTHER CASH FLOW Q1 26 EXTR. WOOL OTHER CASH FLOW H1 26 EXTR. WOOL OTHER CASH FLOW Q3 26
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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 GLOSSARY AND AP MEASURES - 19 -
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2026 - ALL RIGHTS RESERVED