Slides
Page 1
H1 2026 RESULTS AUGUST 4 , 202 6
Page 2
2 H1 2026 RESULTS This presentation may contain forward looking statements based on current expectations and projects of the Group in relation to future events . Due to their specific nature, these statements are subject to inherent risks and uncertainties, as they depend on certain circumstances and facts, most of which being beyond the control of the Group . Therefore actual results could differ, even to a significant extent, with respect to those reported in the statements . DISCLAIMER
Page 3
3 H1 2026 RESULTS “ After a resilient start to the year, the second quarter developed within a softer demand environment in our core markets, weighing on our sales performance . Against this backdrop, we stayed focused on the levers under our control, protecting the quality of our business through disciplined commercial execution, a favourable price/mix and continued cost control, delivering another quarter of solid margin expansion and strong cash generation . This allowed us to continue to invest selectively in our strategic priorities . Some positive signs we observed towards the end of the second quarter and into the beginning of the third give us more confidence as we look to the second half of the year, ready to capture the opportunities which may arise from a gradual improvement in market trends . ” Angelo Trocchia, CEO CONTINUED MARGIN EXPANSION AND CASH GENERATION IN A WEAK DEMAND ENVIRONMENT
Page 4
4 H1 2026 RESULTS • A resilient start to the year followed by mid - single digit sales decline in Q2, as our core customers in North America and Europe turned more prudent on ordering • Further margin expansion, supported by structural business improvements and tariff refunds • Solid cash flow generation, supporting the Group’s strategic investments, including the acquisition of SPY+ and Serengeti • Launch of new Buy Back Programme to continue an efficient capital allocation strategy H1 2026 HIGHLIGHTS
Page 5
5 H1 2026 RESULTS TOTAL SALES 512 . 0 €M - 4.8% | - 1.9% @cFX Q2 239.1 €M | - 4.5% at cFX • Weak market environment from late March and throughout April and May, with trends showing some improvement in June • Sunglasses the most affected category, while prescription frames decelerated versus prior trends • Premium and luxury generally more resilient. Carrera, Smith, David Beckham and Kate Spade confirming solid momentum across key markets and channels
Page 6
6 H1 2026 RESULTS Q2 110.6 €M | - 2.7% at cFX • More challenging trading conditions in France and Germany, on lower store and online traffic • Continued growth in Eastern Europe, in particular Turkey and Poland • Sustained tourist flows in Italy supported opticians across both prescription frames and sunglasses . Growth of Carrera, David Beckham, Polaroid, Tommy Hilfiger, BOSS, and Marc Jacobs . Launch of Victoria Beckham SALES in EUROPA 240 . 5 €M - 1.0%| - 0.5% @cFX
Page 7
7 H1 2026 RESULTS SALES in NORTH AMERICA 205 . 6 €M - 6.9%| - 0.8% @cFX Q2 95.9 €M | - 4.4% at cFX • Weak market for independent opticians, with overall eyewear sales down high single - digit in May. Department stores and retail chains more supportive in June on stronger premium demand • Kate Spade, Carrera, David Beckham, Marc Jacobs, and Carolina Herrera outperformed, while Blenders remained negative • Smith positive, with a solid bike business offsetting weaker winter - sports pre - orders
Page 8
8 H1 2026 RESULTS SALES in ASIA & PACIFIC Q2 13.0 €M | - 17.7% at cFX • Demanding comparison base, weak environment in China and timing of optical fair reducing customer attendance • Australia positive, supported by Smith and Carrera REST OF THE WORLD 41 . 0 €M - 5.7 % | - 5.8% @cFX 24 . 9 €M - 17.6%| - 15.8% @cFX Q2 19.5 €M | - 5.1% at cFX • S till impacted by the Middle East conflict, but stabilizing through the quarter • India improving, Latin America muted
Page 9
9 H1 2026 RESULTS GROSS MARGIN Q2 174.8 €M, +12.6% 73.1%, +11.5 pp | 65.1% 2 , +3.5 pp • Tariff refunds largely booked as a reduction of cost of goods sold • Structural business improvement, driven by favourable price/mix effects and lower tariffs 344 . 0 €M ,+4.8% 67.2%, +6.1 pp | 63.4% 2 , +2.3 pp 2 Excluding tariff refunds
Page 10
10 H1 2026 RESULTS ADJUSTED 1 EBITDA MARGIN 86 . 0 €M , +38.1% 16.8%, +5.2 pp | 12.9% 2 , +1.3 pp Q2 49.0 €M, +75.2% 20.5%, +9.4 pp | 12.1% 2 , +1.0 pp • Gross - margin increase converted into solid operating performance, partially offset by lower operating leverage in a weaker sales environment • Cost inflation pressures and continued investments behind the Group's brands 2 Excluding tariff refunds
Page 11
11 H1 2026 RESULTS ADJUSTED 1 NET PROFIT 49 . 4 €M , +46.7% 9.6%, +3.3 pp | 6.6% 2 , +0.3 pp H1 adjusted 1 operating profit 68.3 €M, +57.7% 13.3% ,+5.2 pp | 9.4% 2 ,+1.3 pp • Net financial charges 5.6 €M from 2.9 €M, on a neutral FX effect versus a prior - year gain • 0.8 €M loss on options related to non - controlling interests, following final adjustment on the purchase of the remaining 20% stake in Blenders 2 Excluding tariff refunds
Page 12
12 H1 2026 RESULTS Q2 23.8 €M vs 29.1 €M in Q2 2025 | 29.4 €M 2 vs 17.2 €M • H1 cash flow from operating activities up to 78.8 €M vs 40.7 €M, benefiting from a solid economic performance and from tariff refunds • Group’s strategic investments: additional Inspecs Group shares (5 €M), acquisition of SPY+ and Serengeti (21.5 €M ), and remaining 20% of Blenders (6.3 €M ) FREE CASH FLOW 36 . 4 €M vs 43.5 €M | 46.9 €M 2 vs 31.6 €M 2 Excluding tariff refunds and strategic investments/disinvestments
Page 13
13 H1 2026 RESULTS • Including the execution of the new Share Purchase Programme , launched on June 8, 2026, for 2.4 €M as at June 30, 2026 GROUP NET DEBT 5 . 4 €M vs 46.1 €M as at Dec.31, 2025 Net financial position pre - IFRS16 +29.6 €M vs - 6.6 €M as at Dec.31, 2025
Page 14
14 H1 2026 RESULTS ACQUISITION OF SPY+ & SERENGETI Two iconic, complementary eyewear brands joining Safilo, expanding our reach across Technical Luxury and Sport & Outdoor SERENGETI AMERICAN HERITAGE • PREMIUM MINERAL LENSES Safilo’s gateway into the Technical Luxury arena: authentic heritage in high - end products SPY+ CALIFORNIA ACTION SPORTS • DISRUPTIVE A boost to the Sport & Outdoor portfolio: authentic action - sports credibility, fully complementary to Smith and Blenders.
Page 15
Q&A
Page 16
Appendices
Page 17
17 H1 2026 RESULTS NOTES TO THE PRESENTATION 1 In the first half of 2026 , the adjusted economic results exclude non - recurring costs of Euro 6 . 6 million due to special projects and some restructuring expenses . In the second quarter of 2026 , the adjusted EBITDA excludes non - recurring costs of Euro 3 . 6 million . In the first half and in the second quarter of 2026 , the adjusted economic results include Euro 20 . 0 million of refunds for duties previously paid in the United States, recognized in P&L, mostly as a reduction of costs of goods sold . In H 1 2025 , the adjusted economic results excluded a net non - recurring income of around Euro 8 . 0 million due to a gain of Euro 9 . 7 million from the disposal of the subsidiary Lenti S . r . l . , and some restructuring expenses for Euro 1 . 8 million . In Q 2 2025 , the adjusted EBITDA excluded a net non - recurring income of around Euro 9 . 0 million due to a gain of Euro 9 . 7 million from the disposal of the subsidiary Lenti S . r . l . , and some restructuring expenses for Euro 0 . 7 million . 2 Following the implementation by U . S . Customs and Border Protection of the refund mechanism established after the February 2026 U . S . Supreme Court ruling on IEEPA tariffs, Safilo filed claims for duties previously paid in the United States and received refunds for Euro 22 . 2 million . Of this amount, Euro 20 . 0 million was recognized in P&L, mostly as a reduction of costs of goods sold, while Euro 2 . 2 million was recorded as a reduction of inventory as of June 30 , 2026 . This one - time benefit will be partially used for future investments to further strengthen the Group’s infrastructures and accelerate marketing activities across key markets .
Page 18
18 H1 2026 RESULTS H1 2026 % H1 2025 % % Change constant forex Europe 240,5 47,0 243,1 45,2 -1,0% -0,5% North America 205,6 40,2 220,9 41,1 -6,9% -0,8% Asia Pacific 24,9 4,9 30,2 5,6 -17,6% -15,8% Rest of the world 41,0 8,0 43,5 8,1 -5,7% -5,8% Total 512,0 100,0 537,6 100,0 -4,8% -1,9% Q2 2026 % Q2 2026 % % Change constant forex Europe 110,6 46,3 114,2 45,4 -3,2% -2,7% North America 95,9 40,1 102,1 40,5 -6,1% -4,4% Asia Pacific 13,0 5,5 15,7 6,2 -17,1% -17,7% Rest of the world 19,5 8,2 19,8 7,9 -1,5% -5,1% Total 239,1 100,0 251,9 100,0 -5,1% -4,5% % Change current forex % Change current forex NET SALES BY GEOGRAPHY (in Euro million and % on total sales) Q1 2026 % Q1 2025 % % Change constant forex Europe 129.9 47.6 128.9 45.1 +0.8% +1.4% North America 109.7 40.2 118.8 41.6 -7.7% +2.3% Asia Pacific 11.8 4.3 14.4 5.1 -18.0% -13.6% Rest of the world 21.5 7.9 23.7 8.3 -9.1% -6.3% Total 272.9 100.0 285.8 100.0 -4.5% +0.4% % Change current forex Q2 2026 % Q2 2025 % % Change constant forex Europe 110.6 46.3 114.2 45.4 -3.2% -2.7% North America 95.9 40.1 102.1 40.5 -6.1% -4.4% Asia Pacific 13.0 5.5 15.7 6.2 -17.2% -17.7% Rest of the world 19.5 8.2 19.8 7.9 -1.5% -5.1% Total 239.1 100.0 251.9 100.0 -5.1% -4.5% % Change current forex
Page 19
19 H1 2026 RESULTS ECONOMIC HIGHLIGHTS (in Euro million and % on total sales) H1 2026 % H1 2025 % % Change Net sales 512.0 537.6 -4.8% Gross Profit 344.0 67.2% 328.2 61.1% +4.8% EBITDA 79.5 15.5% 70.2 13.1% +13.2% Adjusted 1 EBITDA 86.0 16.8% 62.3 11.6% +38.1% Operating profit 61.8 12.1% 51.3 9.5% +20.4% Adjusted 1 Operating profit 68.3 13.3% 43.3 8.1% +57.7% Group net profit 44.4 8.7% 41.7 7.8% +6.5% Adjusted 1 Group net profit 49.4 9.6% 33.7 6.3% +46.7% Q2 2026 % Q2 2025 % % Change Net sales 239.1 251.9 -5.1% Gross Profit 174.8 73.1% 155.3 61.6% +12.6% EBITDA 45.3 19.0% 37.0 14.7% +22.7% Adjusted 1 EBITDA 49.0 20.5% 27.9 11.1% +75.2% Q1 2026 % Q1 2025 % % Change Net sales 272.9 285.8 -4.5% Gross Profit 169.2 62.0% 173.0 60.5% -2.2% EBITDA 34.1 12.5% 33.3 11.6% +2.6% Adjusted 1 EBITDA 37.1 13.6% 34.3 12.0% +7.9%
Page 20
20 H1 2026 RESULTS BALANCE SHEET AS OF JUNE 30,2026 (in Euro million) Net working capital 215.8 213.3 2.4 Tangible, Right of Use, and Intangible fixed assets 218.3 227.6 (9.3) Goodwill 31.9 31.0 1.0 Other assets/(liabilities), net 15.4 (22.7) 38.1 Net invested capital 481.3 449.2 32.2 Net financial position (5.4) (46.1) 40.7 Group Shareholders' equity (475.9) (392.5) (83.5) Non-controlling interests 0.0 (10.6) 10.6 June 30, 2026 December 31, 2025 Change
Page 21
21 H1 2026 RESULTS WORKING CAPITAL AS OF JUNE 30,2026 (in Euro million) June 30, 2026 December 31, 2025 Change Trade receivables 215.6 186.6 29.0 Inventories 146.3 171.2 (24.9) Trade payables (146.1) (144.5) (1.6) Net working capital 215.8 213.3 2.4 % on net sales 22.5% 21.7%
Page 22
22 H1 2026 RESULTS FREE CASH FLOW (in Euro million) Free Cash Flow (in Euro million) H1 2026 H1 2025 Cash Flow from operating activities before change in working capital 78.2 36.8 Change in working capital 0.6 3.9 Cash Flow from operating activities 78.8 40.7 Cash Flow for/from (investment)/disinvestment activities (36.4) 8.4 Cash payments for the principal portion of lease liabilities IFRS 16 (6.0) (5.6) Free Cash Flow 36.4 43.5
Page 23
23 H1 2026 RESULTS EXCHANGE RATES (Appreciation)/ Depreciation (Appreciation)/ Depreciation Currency Code June 30, 2026 December 31, 2025 % H1 2026 H1 2025 % US Dollar USD 1.1394 1.1750 -3.0% 1.1666 1.0928 6.8% Hong-Kong Dollar HKD 8.9350 9.1464 -2.3% 9.1274 8.5168 7.2% Swiss Franc CHF 0.9224 0.9314 -1.0% 0.9179 0.9414 -2.5% Canadian Dollar CAD 1.6220 1.6088 0.8% 1.6073 1.5400 4.4% Japanese Yen YEN 185.0800 184.0900 0.5% 184.4456 162.1195 13.8% British Pound GBP 0.8618 0.8726 -1.2% 0.8672 0.8423 3.0% Swedish Krown SEK 11.0935 10.8215 2.5% 10.7892 11.0961 -2.8% Australian Dollar AUD 1.6544 1.7581 -5.9% 1.6615 1.7229 -3.6% South-African Rand ZAR 18.6544 19.4439 -4.1% 19.1417 20.0823 -4.7% Russian Ruble RUB 89.5402 92.8517 -3.6% 89.2173 95.1595 -6.2% Brasilian Real BRL 5.9003 6.4364 -8.3% 6.0142 6.2913 -4.4% Indian Rupee INR 107.8565 105.5965 2.1% 108.5752 94.0693 15.4% Singapore Dollar SGD 1.4754 1.5105 -2.3% 1.4907 1.4461 3.1% Malaysian Ringgit MYR 4.6544 4.7682 -2.4% 4.6450 4.7798 -2.8% Chinese Renminbi CNY 7.7314 8.2262 -6.0% 8.0084 7.9238 1.1% Mexican Peso MXN 19.9030 21.1180 -5.8% 20.3774 21.8035 -6.5% Turkish Lira TRY 53.1642 50.4838 5.3% 52.0541 41.0912 26.7% Dirham UAE AED 4.1844 4.3152 -3.0% 4.2844 4.0131 6.8% Polish Zloty PLN 4.2955 4.2210 1.8% 4.2423 4.2313 0.3% As of Average for
Page 24
24 H1 2026 RESULTS • The right offer for all distribution channels, for all customer types • Centered on contemporary segment where the highest demand of eyewear is • Broad based offer across genders, ages, categories & price segments • Appealing to the most fashion - driven consumers and functional for the more traditional ones • Assuring trends (sustainability, outdoor, celebrities and digital) and service (size, fit, optician - friendly features) STRONG BRAND PORTFOLIO * * * from July 1, 2026