Earnings release
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1 Press release pursuant to CONSOB Regulation No. 11971/99 ESPRINET'S BOARD OF DIRECTORS APPROVES THE GROUP'S FINANCIAL RESULTS AS AT 30 JUNE 2026 The Group continues on its growth trajectory, supported by solid financial and operating indicators, and revises its 2026 guidance upwards • Sales from contracts with customers: Euro 2,089.3 million, above the levels recorded in the previous year • EBITDA Adj.: Euro 31.9 million, a significant increase on an annual basis, supported by the contribution of the Group's three divisions • Net income: Euro 4.8 million, demonstrating the Group's ability to translate operational growth into profitability • Net Financial Position: Euro 325.5 million, stable in a context of increasing sales • 2026 guidance revised upwards: EBITDA Adj. expected between Euro 77 and 82 million, with market growth Vimercate (Monza Brianza), 09 September 2026 – The Board of Directors of ESPRINET, a leading Group in Southern Europe in the distribution of high tech products and in the provision of applications and services for digital transformation and green transition, today approved the Consolidated Half- Year Financial Report as at 30 June 2026, prepared in accordance with IFRS international accounting standards. Giovanni Testa, Chief Executive Officer and General Manager of ESPRINET: "The first half of 2026 confirms the Group's ability to maintain its growth trajectory, underpinned by a diversified business model and a competitive position that enables us to capture the opportunities offered by the main technology transformation trends. Sales from contracts with customers, amounting to Euro 2,089.3 million, and EBITDA Adjusted of Euro 31.9 million (+27% compared to the first half of 202 5) demonstrate the positive contribution from our three divisions and the quality of our strategy execution. During the half -year, we operated in a more dynamic European market than expected, benefiting in particular from the growing demand for infrastructure , artificial intelligence, storage and higher value-added solutions. These are areas where the Group has built expertise, relationships and operating capabilities over time, which today represent an important differentiating factor. We look to the second half of the year with confidence. The main development drivers in the sector – from artificial intelligence to infrastructure modernisation, from cybersecurity to digital sovereignty – continue to offer significant opportunities that are consistent with our strategic guidelines. While remaining appropriately attentive to developments in the macroeconomic and geopolitical scenario, we believe that our diversified activities, presence across different European markets and the complementary nature of our three divisions enable us to respond effectively to the changing environment. The results achieved reinforce our determination to pursue our medium- to long-term objectives and allow us to revise our 2026 guidance upward, with EBITDA Adjusted now expected to be between Euro 77 and 82 million . We will continue to invest in the areas with the greatest potential ,
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2 strengthening our role in digital transformation, expanding our European presence in the green transition and developing innovative solutions and services, with the aim of delivering sustainable growth and creating long-term value for all our stakeholders." MAIN CONSOLIDATED RESULTS AS AT 30 J UNE 2026 Sales from contracts with customers , measured net of the application of the accounting standard IFRS 15 and other adjustments, amounted to Euro 2,089.3 million in the first half of 2026, +8% compared to Euro 1,931.5 million in the previous year. Net Sales (€/million) H1 2026 H1 2025 Var. % Var. Italy 1,363.0 1,314.5 48.6 4% Spain 866.2 714.7 151.5 21% Portugal 60.2 44.1 16.1 37% Morocco 12.3 10.3 2.0 20% Total Gross Sales1 2,301.8 2,083.6 218.2 10% Reconciliation adjustments -212.5 -152.1 -60.4 40% Total Net Sales 2,089.3 1,931.5 157.8 8% In the second quarter of 2026, Sales from contracts with customers, measured net of the application of IFRS 15 and other adjustments, amounted to Euro 1,024.6 million, growth of 6% compared to Euro 969.1 million in the same period last year. Net Sales (€/million) Q2 2026 Q2 2025 Var. % Var. Italy 678.2 653.5 24.7 4% Spain 424.6 360.0 64.6 18% Portugal 33.7 20.8 12.9 62% Morocco 5.4 5.1 0.3 5% Total Gross Sales2 1,141.9 1,039.5 102.4 10% Reconciliation adjustments -117.3 -70.4 -46.9 67% Total Net Sales 1,024.6 969.1 55.5 6% Looking at the performance of the Group's business lines, in the first six months of 2026, within the Esprinet division — which manages the Group's traditional information technology and consumer electronics distribution business — gross sales from Screens (PCs, Tablets and Smartphones) rose by 9% year-on-year, driven mainly by demand for Windows 11 PCs and by a more pronounced increase in purchases ahead of anticipated memory shortages. Gross sales from the Devices segment, meanwhile, increased by 4% compared to the first half of 2025. Within the scope of the V -Valley division, which provides advanced solutions (Solutions) for digitalisation, cloud computing and cybersecurity, and responds to the need of customers and suppliers with Services to manage the increased complexity generated by digital transformation, the Group recorded a revenue increase of 13%. Following the application of IFRS 15, sales from Solutions and Services amounted to Euro 469.2 million (22% of total sales). 1 Measured gross reconciliation adjustments, i.e. the application of IFRS 15 accounting and other minor adjustments. 2 Measured gross reconciliation adjustments, i.e. the application of IFRS 15 accounting and other minor adjustments.
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3 Finally, the Zeliatech division, set up in 2024 to be Europe's first green tech distributor offering technologies to enable the convergence of digital and green economy, up 40% reaching Euro 140.6 million in revenues. Analysing the customers segments , in the fi rst half of 2026, the Group's gross sales show ed the following trends: Consumer Segment (Retailer/E-tailer) at Euro 619.2 million , up (+4%) compared to the same period of the previous year, Business Segment (IT Reseller) at Euro 1,682.6 million, significantly up (+13%) compared to the same period of the previous year. Gross Profit amounted to Euro 121.0 million, marking +9% compared to the first six months of 2025 (Euro 110.9 million). This result is attributable to both the increase in sales and the improved gross profit margin, which stood at 5.79% compared with 5.74% in the January–June 2025 period. EBITDA Adjusted stood at Euro 31.9 million, up 27% from Euro 25.1 million as at 30 June 2025. The ratio to sales st ood at 1.53% from 1.30% as at 30 June 2025. This figure is stated before non - recurring costs of Euro 2.3 million incurred in connection with the termination of the relationship with the former Chief Executive Officer of Esprinet S.p.A. and the Group, and with the reorganisation of the management structure across the various countries. Operating costs were up compared to the six months of last year (+4%). Personnel costs increased by 6%, reflecting contractual pay increases and the inclusion of Vamat B.V., acquired in October 2025, in the scope of consolidation. Other operating costs, meanwhile, were in line with the same period of the previous year. The ratio to sales fell to 4.26%, from 4.44% in the first half of 2025. EBIT Adjusted amounted to Euro 20.1 million (up 56% from Euro 12.9 million in the two quarters of 2025) and is stated before the non-recurring costs referred to above. The ratio to sales increased to 0.96% from 0.67% in the same period last year. EBIT amounted to Euro 17.8 million (up 38% from Euro 12.9 million as at 30 June 2025). Result before income taxes was Euro 7.5 million (Euro 7.0 million in the first half of 2025). Net income amounted to Euro 4.8 million, (+40% compared to Euro 3.4 million in the first six months of 2025). Net profit per ordinary share amounted to Euro 0.10 (Euro 0.07 as at 30 June 2025). Cash Conversion Cycle 3 closed at 25 days ( -1 day compared to Q1 26 and -4 days with respect to Q2 25). Net Financial Position was a negative Euro 325.5 million, compared to a negative balance of Euro 327.5 million as at 30 June 2025 and a negative balance of Euro 350.4 million as at 31 March 2026. The marginal change compared with 30 June 2025 and the improvement versus 31 March 2026 reflected working capital management dynamics against a backdrop of growing business volumes. 3 Equal to the average number of days of turnover of Operating Net Working Capital of the last 4 quarters, calculated as the sum of trade receivables, inventories and trade payables.
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4 It is always considered that the value of the exact net financial position is influenced by technical factors like the seasonality of the business, the trend in ‘non -recourse’ assignments of trade receivables (factoring, confirming and securitisation) and the trend in the behavioural models of customers and suppliers in the different periods of the year. Therefore, it is not representative of the average levels of net financial indebtedness noted during the period. The aforementioned factoring and securitis ation programmes, which define the complete transfer of risks and benefits to the assignees and therefore involve the derecognition of receivables from the statement of financial position assets in compliance with IFRS 9, determine an overall effect on the level of consolidated net financial payables as at 30 June 2026 of Euro 401.6 million (Euro 347.7 million as at 30 June 2025 and Euro 381.6 million as at 31 March 2026). Net Equity amounted to Euro 376.9 million compared to Euro 373.2 million as at 30 June 2025. ROCE stood at 6.3%, compared to 6.6% in the first half of 2025. (€/million) H1 2026 H1 2025 LTM Operating Profit (Adj. EBIT) 4 48 . 9 43 . 7 NOPAT5 33 . 2 32 . 7 Average Net Invested Capital 6 525 . 3 492 . 3 ROCE7 6 . 3% 6 . 6% OUTLOOK 2026 In the second quarter of 2026, the European ICT market grew more strongly than expected. Among the markets in which the Group operates, Spain once again delivered particularly robust performance, also supported by EU funding and local incentives, while Italy returned to growth thanks to a solid quarter. Growth was driven mainly by demand for infrastructure, AI, memory and storage, while component shortages pushed up average selling prices. In the personal computer segment, lower unit sales were offset by higher average prices as the product mix shifted to wards higher -value configurations. Looking ahead to the coming quarters, constraints on memory availability and price inflation will remain important factors, although sales are expected to continue growing, albeit at a more moderate pace. According to industry analysts, the second half of 2026 is therefore expected to see a more selective phase of expansion, driven by AI, infrastructure modernisation, cybersecurity and digital sovereignty, against a backdrop of weaker demand in more mature endpoint categories. Geopolitical concerns arising from ongoing conflicts also persist, as do risks linked to energy shocks and higher transport costs, which could trigger further inflationary spirals and pressure on monetary policy, potentially affecting end-user demand and business investment as well as causing supply -chain disruption. Against this backdrop, the Group's positive performance in the first half confirms the strength of its strategy of diversifying activities across the three divisions — Esprinet, V -Valley and Zeliatech — 4 Equal to the sum of EBITs – excluding the effects of IFRS 16 – in the last 4 quarters. 5 LTM Operating Profit (Adj. EBIT), as defined above, net of taxes calculated at the actual tax rate of the last annual consoli dated financial statements published excluding items deemed non-recurring. 6 Equal to the average of “Loans” at the closing date of the period and at the four previous quarterly closing dates (excluding the equity effects of IFRS 16). 7 Equal to the ratio between (a) NOPAT, as defined above, and (b) the average net invested capital as defined above.
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5 enabling it to mitigate the effects of market cycles and selectively capture opportunities arising from technological developments. The Esprinet Group will remain focused on its medium - to long -term strategic objectives and on creating value for stakeholders, while continuing to strengthen its leadership in digital transformation, expand its European presence in the green transition and innovate its service models and digital platforms. In light of the results as of June 30, 2026 and the context described above, the Group believes it has sufficient elements to raise its profitability estimates for the current fiscal year, which now project EBITDA Adjusted of between Euro 77 and 82 million. The manager responsible for preparing the Company's accounting documents, Stefano Mattioli, declares that, in compliance with the provisions of paragraph 2 of art. 154 -bis of Legislative Decree No. 58/1998 (TUF - Consolidated Law on Finance), the financial data shown in this press release correspond to the findings resulting from accounting documents, books and records. It is noted, with regard to the statutory financial statements, that these are data for which the statutory audit has not been completed and, with regard to the reclassified financial statements, that these are data that have not been audited by the independent auditors. Esprinet Group, a leader in southern Europe in the distribution of high-tech products and in the provision of applications and services for digital transformation and green transition, is a group of companies acting under the direction of the holding company Esprinet S.p.A. With over 1,800 employees and a turnover of Euro 4.3 billion in 2025, the Group companies operate through three main brands: Esprinet, V-Valley and Zeliatech. Since 2025, the Group has also been present in the Benelux and Ireland, as well as in Italy, Spain, Portugal and Morocco. The parent company (PRT:IM - ISIN IT0003850929) is listed on the Italian Stock Exchange in the Euronext STAR Milan segment and participates in UN Global Compact, adhering to its approach based on the principles of responsible business. Press release available on www.esprinet.com and www.emarketstorage.com For further information: INVESTOR RELATIONS CORPORATE COMMUNICATION ESPRINET SpA ESPRINET SpA Tel +39 02 404961 Tel +39 02 404961 Giulia Perfetti Paola Bramati giulia.perfetti@esprinet.com paola.bramati@esprinet.com CORPORATE COMMUNICATION CONSULTANTS COMIN & PARTNERS Federica Gramegna E-mail: federica.gramegna@cominandpartners.com Mob: 338 222 9807 Giulia Mori E-mail: giulia.mori@cominandpartners.com Mob: 347 493 8864
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6 SALES BY GEOGRAPHICAL AREA By Country of residence of the customers Net Sales (€/million) H1 2026 H1 2025 Var. % Var. Italy 1 , 223 . 4 1 , 219 . 6 3 . 8 0% Spain 750 . 5 626 . 2 124 . 3 20% Portugal 51 . 3 39 . 9 11 . 4 29% Other EU countries 50 . 0 32 . 7 17 . 3 53% Other non-EU countries 14 . 1 13 . 1 1 . 0 8% Sales from contracts with customers 2 , 089 . 3 1 , 931 . 5 157 . 8 8% Net Sales (€/million) Q2 2026 Q2 2025 Var. % Var. Italy 592 . 3 604 . 6 - 12 . 3 - 2% Spain 367 . 0 320 . 0 47 . 0 15% Portugal 27 . 9 18 . 8 9 . 1 48% Other EU countries 31 . 7 18 . 7 13 . 0 70% Other non-EU countries 5 . 7 7 . 0 - 1 . 3 - 19% Sales from contracts with customers 1 , 024 . 6 969 . 1 55 . 5 6% By invoicing Country8 Net Sales (€/million) H1 2026 H1 2025 Var. % Var. Italy 1,276.2 1,256.7 19.5 2% Spain 754.0 628.4 125.6 20% Portugal 50.7 39.8 10.8 27% Morocco 8.4 6.6 1.8 28% Sales from contracts with customers 2,089.3 1 , 931 . 5 157.8 8% Net Sales (€/million) Q2 2026 Q2 2025 Var. % Var. Italy 626.2 626.0 0.3 0% Spain 367.4 321.5 45.9 14% Portugal 27.3 18.7 8.6 46% Morocco 3.6 2.9 0.7 24% Sales from contracts with customers 1,024.6 969.1 55.5 6% 8 Values calculated on the basis of the Group structure, therefore by invoicing country. Data not subject to auditing.
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7 SALES AND EBITDA BY PRODUCT TYPE 9 Net Sales EBITDA Adjusted EBITDA Adjusted % (€/million) H1 2026 H1 2025 Var. % Var. H1 2026 H1 2025 Var. % Var. H1 2026 H1 2025 Var. Screens 1,065.2 992.6 72.6 7% 6.1 5.0 1.1 22% 0.57% 0.50% 0.07% Devices 416.6 405.2 11.4 3% 3.1 0.3 2.8 >100% 0.74% 0.07% 0.67% Esprinet total 1,481.8 1,397.8 84.0 6% 9.2 5.3 3.9 74% 0.62% 0.38% 0.24% Solutions 459.5 424.7 34.8 8% 16.3 14.7 1.6 11% 3.55% 3.46% 0.09% Services 9.7 8.6 1.1 13% 4.2 3.7 0.5 14% 43.30% 43.02% 0.28% V-Valley total 469.2 433.3 35.9 8% 20.5 18.4 2.1 11% 4.37% 4.25% 0.12% Green Tech 138.3 100.4 37.9 38% 2.2 1.4 0.8 57% 1.59% 1.39% 0.20% Zeliatech total 138.3 100.4 37.9 38% 2.2 1.4 0.8 57% 1.59% 1.39% 0.20% Total 2,089.3 1,931.5 157.8 8% 31.9 25.1 6.8 27% 1.53% 1.30% 0.23% Net Sales (€/million) H1 2026 H1 2025 Var. % Var. Screens 1,082.9 995.7 87.2 9% Devices 423.5 406.5 17.1 4% Esprinet total 1,506.5 1,402.2 104.3 7% Solutions 644.9 572.1 72.8 13% Services 9.9 8.6 1.2 14% V-Valley total 654.8 580.7 74.0 13% Green Tech 140.6 100.7 39.9 40% Zeliatec total 140.6 100.7 39.9 40% Total Gross Sales 2,301.8 2,083.6 218.2 10% Reconciliation adjustments -212.5 -152.1 -60.4 40% Total 2,089.3 1,931.5 157.8 8% 9 The values shown may differ from those previously published as they represent updates and evolutions in clustering that have been adopted subsequently for the purposes of more homogeneous comparability.
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8 SALES AND EBITDA BY PRODUCT TYPE 10 Net Sales EBITDA Adjusted EBITDA Adjusted % (€/million) Q2 2026 Q2 2025 Var. % Var. Q2 2026 Q2 2025 Var. % Var. Q2 2026 Q2 2025 Var. Screens 501.3 498.5 2.8 1% 3.4 3.1 0.3 10% 0.68% 0.62% 0.06% Devices 214.8 205.4 9.4 5% 1.9 0.6 1.2 >100% 0.88% 0.29% 0.59% Esprinet total 716.1 703.9 12.2 2% 5.3 3.7 1.6 43% 0.74% 0.53% 0.21% Solutions 226.6 204.7 21.9 11% 7.3 7.9 -0.6 -8% 3.22% 3.86% -0.64% Services 5.5 3.9 1.6 41% 2.8 1.8 1.0 56% 50.91% 46.15% 4.76% V-Valley total 232.1 208.6 23.5 11% 10.1 9.7 0.4 4% 4.35% 4.65% -0.30% Green Tech 76.4 56.6 19.9 35% 0.8 0.9 -0.1 -11% 1.05% 1.59% -0.54% Zeliatech total 76.4 56.6 19.9 35% 0.8 0.9 -0.1 -11% 1.05% 1.59% -0.54% Total 1,024.6 969.1 55.5 6% 16.2 14.3 2.0 14% 1.59% 1.47% 0.11% Net Sales (€/million) Q2 2026 Q2 2025 Var. % Var. Screens 517.8 495.8 22.0 4% Devices 221.2 204.3 16.9 8% Esprinet total 739.0 700.1 38.9 6% Solutions 318.6 279.1 39.5 14% Services 5.7 3.9 1.8 46% V-Valley total 324.3 283.0 41.3 15% Green Tech 78.7 56.4 22.3 39% Zeliatec total 78.7 56.4 22.3 39% Total Gross Sales 1,141.9 1,039.5 102.4 10% Reconciliation adjustments -117.3 -70.4 -46.9 67% Total 1,024.6 969.1 55.5 6% 10 The values shown may differ from those previously published as they represent updates and evolutions in clustering that have been adopted subsequently for the purposes of more homogeneous comparability.
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9 SALES BY CUSTOMER TYPE (€/million) H1 2026 H1 2025 Var. % Var. Retailer, E-tailer (Consumer Segment) 619.2 592.8 26.4 4% IT Reseller (Business Segment) 1.682.6 1.490.8 191.8 13% Reconciliation adjustments -212.5 -152.1 -60.4 40% Sales from contracts with customers 2,089.3 1,931.5 157.8 8% (€/million) Q2 2026 Q2 2025 Var. % Var. Retailer, E-tailer (Consumer Segment) 322.7 294.0 28.7 10% IT Reseller (Business Segment) 819.2 745.5 73.7 10% Reconciliation adjustments -117.3 -70.4 -46.9 67% Sales from contracts with customers 1,024.6 969.1 55.5 6%
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10 RECLASSIFIED CONSOLIDATED INCOME STATEMENT NOTES (1) Cash discounts for ‘non-recourse’ advances of trade receivables as part of revolving factoring, confirming and securitisation programmes. (2) Gross of amortisation/depreciation that, by function, would be included in the cost of sales. (3) Adjusted given gross of non-recurring items. (4) Of which with reference to 2026, Euro 1.9 million otherwise included in "Other operating costs", Euro 0.4 million otherwise included in "Personnel costs". (€/000) H1 2025 % Var. Q2 2025 % Var. Sales from contracts with customers 2,089,286 1,931,483 8% 1,024,587 969,115 6% Cost of goods sold excl. factoring/securitisation 1,962,263 1,815,018 8% 960,002 910,368 5% Financial cost of factoring/securisation(1) 6,048 5,560 9% 3,183 2,255 41% Gross Profit (2) 120,975 110,905 9% 61,402 56,492 9% Gross Profit % 5.79% 5.74% 5.99% 5.83% Personnel costs 54,206 51,013 6% 26,995 25,159 7% Other operating costs 34,865 34,753 0% 18,158 17,043 7% EBITDA adjusted (3) 31,904 25,139 27% 16,249 14,290 14% EBITDA adjusted % 1.53% 1.30% 1.59% 1.47% Depreciation and amortisation 4,291 4,529 -5% 2,127 2,258 -6% IFRS 16 Right of Use depreciation 7,547 7,736 -2% 3,694 3,860 -4% Goodwill impairment - - n/s - - n/s EBIT adjusted (3) 20,066 12,874 56% 10,428 8,172 28% EBIT adjusted % 0.96% 0.67% 1.02% 0.84% Non recurring costs(4) 2,297 - 100% 2,297 - 100% EBIT 17,769 12,874 38% 8,131 8,172 -1% EBIT % 0.85% 0.67% 0.79% 0.84% IFRS 16 interest expenses on leases 2,150 2,342 -8% 1,050 1,164 -10% Other financial (income) expenses 6,235 5,954 5% 3,317 2,865 16% Foreign exchange (gains) losses 1,876 (2,467) >100% 788 (1,755) >100% Result before income taxes 7,508 7,045 7% 2,976 5,898 -50% Income taxes 2,753 3,637 -24% 1,055 2,984 -65% Net result 4,755 3,408 40% 1,921 2,914 -34% - of which attributable to non-controlling interests - - n/s - - n/s - of which attributable to the Group 4,755 3,408 40% 1,921 2,914 -34% Q2 2026 H1 2026
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11 CONSOLIDATED SEPARATE INCOME STATEMENT CONSOLIDATED COMPREHENSIVE INCOME STATEMENT Sales from contracts with customers 2,089,286 - 1,931,483 - Cost of sales (1,969,221) - (1,821,661) - Gross profit 120,065 - 109,822 - Sales and marketing costs (43,150) - (41,583) - Overheads and administrative costs (59,359) (2,297) (55,370) - Impairment loss/reversal of financial assets 213 - 5 - Operating result (EBIT) 17,769 (2,297) 12,874 - Finance costs - net (10,261) - (5,829) - Result before income taxes 7,508 (2,297) 7,045 - Income tax expenses (2,753) 552 (3,637) - Net result 4,755 (1,745) 3,408 - - of which attributable to non-controlling interests - - - of which attributable to Group 4,755 (1,745) 3,408 - Earnings per share - basic (euro) 0.10 0.07 Earnings per share - diluted (euro) 0.10 0.07 (€/000) H1 2026 non - recurring H1 2025 non - recurring Net result (A) 4,755 3,408 Other comprehensive income: - Changes in translation adjustment reserve - (23) Other comprehensive income not be reclassified in the separate income statement: - Changes in 'TFR' equity reserve (123) 10 - Taxes on changes in 'TFR' equity reserve 30 (2) Other comprehensive income (B): (93) (15) Total comprehensive income (C=A+B) 4,662 3,393 - of which attributable to Group 4,662 3,393 - of which attributable to non-controlling interests - - (€/000) H1 2025 H1 2026
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12 CONSOLIDATED SEPARATE INCOME STATEMENT OF THE SECOND QUARTER CONSOLIDATED COMPREHENSIVE INCOME STATEMENT OF THE SECOND QUARTER Sales from contracts with customers 1,024,587 - 969,115 - Cost of sales (963,627) - (913,155) - Gross profit 60,960 - 55,960 - Sales and marketing costs (21,953) (20,756) - Overheads and administrative costs (30,586) (2,297) (27,094) - Impairment loss/reversal of financial assets (290) 62 Operating result (EBIT) 8,131 (2,297) 8,172 - Finance costs - net (5,155) - (2,274) - Result before income taxes 2,976 (2,297) 5,898 - Income tax expenses (1,055) 552 (2,984) - Net result 1,921 (1,745) 2,914 - - of which attributable to non-controlling interests - - - of which attributable to Group 1,921 (1,745) 2,914 - Earnings per share - basic (euro) 0.04 0.06 Earnings per share - diluted (euro) 0.04 0.06 (€/000) Q2 2026 non - recurring Q2 2025 non - recurring Net result (A) 1,921 2,914 Other comprehensive income: - Changes in translation adjustment reserve 9 (37) Other comprehensive income not be reclassified in the separate income statement: - Changes in 'TFR' equity reserve (210) (46) - Taxes on changes in 'TFR' equity reserve 51 11 Other comprehensive income (B): (150) (72) Total comprehensive income (C=A+B) 1,771 2,842 - of which attributable to Group 1,771 2,842 - of which attributable to non-controlling interests - - (€/000) Q2 2026 Q2 2025
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13 RECLASSIFIED CONSOLIDATED STATEMENT OF FINANCIAL POSITION (€/000) 30/06/2026 31/12/2025 Fixed assets 280,827 293,492 Operating net working capital 427,812 139,568 Other current assets/liabilities 20,716 28,471 Other non-current assets/liabilities (27,022) (28,253) Total uses 702,333 433,278 Short-term financial liabilities 242,087 68,397 Lease liabilities 14,185 14,146 Financial assets held for trading (251) (213) Financial receivables from factoring companies (1,227) (585) Current debts for investments in subsidiaries 1,906 6,000 Other financial receivables (7,994) (8,834) Cash and cash equivalents (111,950) (230,562) Net current financial debt 136,756 (151,651) Borrowings 80,599 74,911 Lease liabilities 108,128 120,548 Net Financial debt 325,483 43,808 Net equity 376,850 389,470 Total sources of funds 702,333 433,278
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14 CONSOLIDATED STATEMENT OF FINANCIAL POSITION ASSETS Non - current assets Property, plant and equipment 24,059 23,154 Right of use assets 111,478 124,032 Goodwill 123,020 123,020 Intangibles assets 10,484 11,305 Receivables and other non - current assets 11,786 11,981 280,827 293,492 Current assets Inventory 742,704 641,182 Trade receivables 642,450 828,821 Income tax assets 5,039 2,811 Other assets 80,722 86,740 Financial assets held for trading 251 213 Cash and cash equivalents 111,950 230,562 1,583,116 1,790,329 Total assets 1,863,943 2,083,821 EQUITY Share capital 7,861 7,861 Reserves 364,234 361,436 Group net income 4,755 20,173 Group net equity 376,850 389,470 Non - controlling interest - - Total equity 376,850 389,470 LIABILITIES Non - current liabilities Borrowings 80,599 74,911 Lease liabilities 108,128 120,548 Deferred income tax liabilities 13,515 12,441 Retirement benefit obligations 5,097 5,199 Provisions and other liabilities 8,410 10,613 215,749 223,712 Current liabilities Trade payables 957,342 1,330,435 Short-term financial liabilities 242,087 68,397 Lease liabilities 14,185 14,146 Income tax liabilities 3,183 1,622 Debts for investments in subsidiaries 1,906 6,000 Provisions and other liabilities 52,641 50,039 1,271,344 1,470,639 Total liabilities 1,487,093 1,694,351 Total equity and liabilities 1,863,943 2,083,821 (€/000) 31/12/202530/06/2026
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15 CONSOLIDATED CASH FLOW STATEMENT Cash flow provided by (used in) operating activities (D=A+B+C) (263,172) (263,820) Cash flow generated from operations (A) 30,280 25,359 Operating income (EBIT) 17,769 12,874 Depreciation, amortisation and other fixed assets write-downs 11,838 12,264 Net changes in provisions for risks and charges 964 7 Net changes in retirement benefit obligations (315) (140) Stock option/grant costs 24 354 Cash flow provided by (used in) changes in working capital (B) (283,154) (283,735) Inventory (101,522) 16,587 Trade receivables 186,371 165,885 Other current assets 3,591 10,097 Trade payables (373,650) (463,531) Other current liabilities 2,056 (12,773) Other cash flow provided by (used in) operating activities (C) (10,298) (5,444) Interests paid (6,573) (4,962) Received interests 326 374 Foreign exchange (losses)/gains (1,319) 1,879 Income taxes paid (2,732) (2,735) Cash flow provided by (used in) investing activities (E) (4,129) (1,658) Investments in property, plant and equipment (4,431) (1,740) Disposals of property, plant and equipment 135 85 Investments in intangible assets (79) (2) Disposals of intangible assets - 2 Net investments in other non current assets 246 (3) Cash flow provided by (used in) financing activities (F) 148,689 228,092 Medium/long term borrowing 28,000 40,000 Repayment/renegotiation of medium/long-term borrowings (23,788) (21,139) Leasing liabilities remboursement (7,716) (6,468) Net change in financial liabilities 173,348 235,530 Net change in financial assets and derivative instruments 244 (76) Deferred price acquisitions (4,094) - Dividend payments (17,305) (19,755) Net increase/(decrease) in cash and cash equivalents (G=D+E+F) (118,612) (37,386) Cash and cash equivalents at year-beginning 230,562 216,250 Net increase/(decrease) in cash and cash equivalents (118,612) (37,386) Cash and cash equivalents at year-end 111,950 178,864 (euro/000) H1 2025 H1 2026