B&S S A : HYFR BS Interim Financial Report 2023

Interim financial report 2023 B&S Group S.A.

Interim condensed consolidated financial statements for the six-month period ended June 30, 2023

Contents

Interim Management report

3

Statement by the Executive Board

Message from the CEO

Operational review

Principal risks & uncertainties

Interim condensed consolidated financial statements

10

Condensed consolidated statement of profit or loss

Condensed consolidated statement of profit or loss and other comprehensive income Condensed consolidated statement of financial position

Condensed consolidated statement of changes in equity Condensed consolidated statement of cash flows

Notes to the interim condensed consolidated financial statements

18

B&S Group S.A. - Interim financial report 2023

2

Interim Management report

This Interim Financial Report should be read in conjunction with our Annual Report 2022, which includes a detailed analysis of our operations and activities as well as explanations of financial measures used.

Statement by the Executive Board

In accordance with the Luxembourg Transparency Law, i.e. the law of January 11, 2008 on transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market, as amended, we confirm that, to the best of our knowledge:

• the interim condensed consolidated financial statements for the six-month period ended June 30, 2023 have been prepared in accordance with IAS 34 as adopted by the European Union and give a true and fair view of, assets, liabilities, financial position and profit or loss of B&S Group S.A.; and
• the interim report for the six-month period ended June 30, 2023 gives a fair review of the information required pursuant the Luxembourg Transparency Law.

Luxembourg, August 21, 2023

Peter van Mierlo, CEO

Mark Faasse, CFO

Bas Schreuders, Senior Counsel

B&S Group S.A. - Interim financial report 2023

3

Message from the CEO

Inflation continues to impact both our cost base as well as consumer behavior, nonetheless, based on a strong first quarter of the year and a flat second quarter, we realized a turnover increase of 7.6% over the first half year. All segments showed growth in turnover compared to the second quarter last year, except for Liquors and Food. In the Liquors segment, the market was very challenging, while in Food we choose margin over turnover. Personal Care significantly outperformed last year, while also Beauty, Health and Retail continued its strong performance.

We continued to grow our workforce. Within Beauty, the larger workforce comes from the acquisition of Europe Beauty Group last year, as well as the temporary increase as we anticipate efficiency increases in the newly opened FragranceNet warehouse. In Personal Care, we continue to see strong market demand while in the Retail segment, we continued to open new airport shops. The spending on all cost categories was higher than last year, which was partly due to the continued growth. Our working capital is now below last year. We have developed action plans to further improve focus on aged inventory.

We expect the challenging market conditions in several of our markets to continue, while we remain confident about the underlying trends and longer-term outlook. B&S has six strong segments in branded consumer goods in different markets, realizing synergies in IT and Warehousing, next to Talent management, Finance and Legal. All segments have strong and experienced leaders with very close ties in the markets they operate. During the year under review, we have strengthened our leadership team and further improved our governance. The new Executive Team is defining focus points for the coming years. Our main focus will be on operational excellence, and we will address working capital and cost management, while we will also develop plans for further organic and acquisitive growth opportunities. We plan to communicate an updated strategy in November of this year.

Peter van Mierlo, CEO

B&S Group S.A. - Interim financial report 2023

4

Operational review

Financial performance

Turnover

Total turnover over HY 2023 grew 7.6% compared to HY 2022 levels. Organically, turnover increased by 6.1% which was mainly driven by the Personal Care segment and further aided by the Beauty, Health and Retail segments. Revenue from Liquors and Food decreased over the period. Acquired turnover contributed 0.8%, stemming from the acquisition of Europe Beauty Group per May last year in the Beauty segment.

B&S Liquors

The 2.3% decrease in turnover for the Liquors segment when compared to HY 2022 was driven through decreased demand during Q2 both in international markets as well as our wholesale markets within Europe. The consumer demand decreased, and combined with increased product availability, resulted in decreased gross profit margins.

B&S Beauty

Turnover increased by 9.0%, of which 5.8% is organic. The segment faced challenging circumstances with inflation and declining consumer confidence. Revenue growth is driven by our B2C-market. There is still some product scarcity in the market. Within the B2B-business margins tightened compared to the high prices of last year.

B&S Personal Care

The 33.0% growth in turnover was driven by the broad variety of in-stock items, including the enhanced Private Label assortment, enabling to meet increased demand of our customers. Portfolio changes have impacted margins positively.

B&S Food

Turnover decreased by 3.6% compared to HY 2022, with a 6.8% decrease in Q2 2023. Focus on margins in the Brand Distribution and Duty-Free markets resulted in strong gross profit margin improvements at the expense of revenues. Turnover in the maritime market increased as a result of post COVID recovery in the Cruise business. Digital turnover increased significantly as a result of the digital transformation, enabling sustainable future growth.

B&S Group S.A. - Interim financial report 2023

5