CELLULARLINE S.P.A.: Presentazione risultati economici e finanziari al 31 dicembre 2023

Full Year 2023 Financial Results Reggio Emilia - 14 March 2024

Disclaimer

This document has been prepared for preliminary discussions in relation to Cellularline S.p.A. (the "Company") and its affiliates (together, the "Group"). This document, the information contained

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FY 2023 Highlights

• All 2023 Key financial indicators are positive
• Revenues at 158,6M in FY2023 (+15,3%), with a further acceleration of CL's international expansion (+ 24%)
• Gross margin improving from 35,5% to 38,6%
• EBITDA Adj. at € 20,8M with an increase of € 4,2M vs. same period 2022 (+24,8%)
• Net Result Adj. € 7,7M vs. € 5,7M (+35%)
• Net Debt is €35.4M as of 31.12.2023 vs. € 40,4M as of 31.12.2022 (€ 48,6M as of 30.06.2023)
• Operating cash flow € 18,2M vs. € 8,5M at 31.12.2022

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Key financials (€M)

Revenues	EBITDA Adj.
(€M)	(€M)

112,1158,6

Net Result Adj.	Net Financial Position
(€M)
	(€M)
	2,4x

1,7x

1

Leverage ratio

4

Focus on Revenues

Revenues bridge

(€M)

Product

Line

Geo

• Revenues increase by €21,0M (+15,3% compared to last year)
• Red line (approx. 81% of total Revenues) is the major contributor thanks to:
• • Increasing performance of Cellularline and Skross products in international markets
  • First consolidation of Peter Jäckel (€5,0M)
• International revenues are leading Group's growth and are now 51,6% of Group turnover (47,7% in same period 2022)
• Absolute market leadership confirmed in Italy, thanks to consolidation of our strategic partnership with main market players

5

Focus on EBITDA Adj.

EBITDA Adj. bridge

(12,1%)

• EBITDA Adj. is + €20,8M in 2023 (13,1% on Revenues) vs. €16,6M in 2022 (12,1% on Revenues)
• Gross margin reaches €61,2M vs €48,8M in 2022; ratio to sales improved from 35,5% to 38,6%
• Opex increase by €8,2M in value vs 2022

6

Focus on Net Result Adj.

Net Result Adj. bridge

(€M)

• Net Result Adj. increases by €2M (€7,7M in 2023 vs. €5,7M in 2022), mainly as a consequence of:
• • Positive contribution from EBITDA Adj. (+ €4,1M)
  • Net financial items(- €1,3M): mainly due to higher interest rates

7

Focus on Net Debt

	Net Debt bridge
(€M)
(Lev.,	(Lev.
Ratio:2,3 x)	Ratio:2,4x)(Lev. .
(Lev.	Ratio:2,7x).
Ratio:2,4x).
	45,6
	(2,5x)
(,2,3x)

99

Net Debt

(€M)	31.12.2022	31.12.2023	Var.
Financial Liabilities	39,4	37,8	-1,6
Fair Value Put&Call	6,3	7,8	1,5
IFRS 16	4,5	4,1	-0,4
Other	0,1	-0,3	-0,4
Cash & Equivalents	-9,9	-14	-4,1
Total Net Debt	40,4	35,4	-5,0

• Net Debt as of 31 Dec. 2023 is €35.4M (€40,4M at Dec. 31, 2022 - €48,6M at Jun 30, 2023).
• Fair Value evaluation of Put & Call options at Dec. 31, 2023 contributes by -€2,3M
• Cash on hand, unused portion of credit and working capital lines (€20,1M) give ample financial headroom

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Summary & Medium-term overview

• All 2023 key financial indicators improve in comparison with prior year
• Revenues grow by more than 15% compared to 2022 thanks to:
• 1. Results of long term strategy to increase penetration on international markets and to maintain Italian market leadership
  2. M&A actions performed
  3. Ongoing trend towards consolidation, which creates opportunities for the Group, as European major player
• EBITDA Adj. at € 20,8M with an increase of € 4,2M vs. FY 2022 (+25,3%)
• Net Results Adj. at € 7,7M with an increase of € 2,0M vs. FY 2022 (+35,1%)
• Dividend distribution proposed to shareholders: 0,087€ per share cash + 1 share every 64 shares outstanding - total yield approx. 4,66%
• Medium Term Overview

• Based on the trend of Revenues achieved in 2022 and 2023, on information available as of today, and on strategic actions taken by management, the Company overall confirms its long-term direction and soundness of the development activities implemented

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Q&A session

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