F I L A Fabbrica Italiana Lapis ed Affini S p A : .I.L.A. S.p.A. H1 2023 Results Presentation

H1 2023 FILA Group Results

Disclaimer

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H1 2023 Highlights

• Adjusted Core Business Sales of 415,6mln €, +6,4% (+25,0mln €) on the same period of the previous year (390,6mln € in H1 2022); +7,9% at comparable FX rates. Asia +19,2mln € (+34,2%), Middle and South America +7,6mln € (+20,6%), North America +8,9mln € (+5,2%) and Other Countries +0,1mln € (+5,6%) partially offset by Europe -4,9mln € (-4,0%).
• Adjusted EBITDA, excluding IFRS 16 impact, of 72,3mln €, +11,5% (+7,5mln €) in H1 2022 (64,8mln €); +10,0% at comparable FX rates (+6,5mln €), highlighting a more than proportional growth than revenues thanks to the positive performance in North America, Asia and Middle-South America.
• Adjusted EBITDA margin at 17,4% with a significant increase of 80bp on the same period of the previous year (16,6%) and better than foreseen, mainly thanks to the positive effect generated by price increase, expected to continue in the following quarters, and cost efficiencies, despite the services costs increase to support the growth. Significant margin improvement in North America.
• Adjusted Net Profit, excluding IFRS 16 impact, of 28,6mln €, flat on the same period of the previous year. This value is significantly impacted by higher net financial expenses at 17,4mln € compared to the ones of the same period of the previous year, of which 15,2mln € mainly related to the increase in variable interest rates and the residual part of around 1,2mln € related to the negative financial exchange effects on the main currencies.
• Net Bank Debt of 408,3mln € (428,2mln € in H1 2022) with a decrease in the last twelve months of 19,9mln €, decrease of 17,8mln € excluding positive FX effect of approx. 2,1mln €.
• Adjusted "Free Cash Flow to Equity" at -48,2mln € (-50,0mln € in H1 2022), with an improvement of +1,8mln € on H1 2022 mainly due to higher operating cash flow generation and lower working capital absorption of 14,2mln €, partially mitigated by higher CAPEX for 10,7mln €, almost completely related to Asia to support the growth and higher net financial expenses for 6,6mln €, mainly due to the interest rates increase.
• Net Bank Debt and "Free Cash Flow to Equity" are better than foreseen in H1 2023 and confirming at least our 2023 expected cash generation.

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H1 2023 Core Business Sales

(€ million)		+25,0mln €
	390,6	+6,4%	415,6

390,6	415,6

• Adjusted Core Business Sales of 415,6mln €, +6,4% on H1 2022A; +30,9mln € (+7,9%) at comparable FX rates, of which:
• • By Geographic Area: Asia +19,2mln € (+34,2%), North America +8,9mln € (+5,2%), Middle and South America +7,6mln € (+20,6%), and Other Countries +0,1mln € (+5,6%) partially offset by Europe -4,9mln € (-4,0%).

H1 2022A	Reported	Adjustment	H1 2023A

SALES BY GEOGRAPHICAL AREA

H1 2022A

	9,5%
	14,4%
44,0%	0,4%

31,7%

Europe

N. America

C&S America

Asia

RoW

H1 2023A	10,6%

17,0%

0,4%

43,9%

28,1%

Europe

N. America

C&S America

Asia

RoW

Data in millions of euros; for precise data refer to 6M FILA financial report	4

H1 2023 EBITDA Adjusted (Excluded IFRS 16)

Margin (%) 16,6%

64,8

64,3

+7,5mln € +11,5%

0,5

17,4%	(€ million)
72,3

3,4

68,9

• Adjusted EBITDA of 72,3mln €, +11,5% on H1 2022A; +6,5mln € (+10,0%) at comparable FX rates;
• 3,4mln € of extraordinary costs in H1 2023A mainly related to Group reorganization costs - restructuring costs (2,3mln €), FILA consultancy fees (0,9mln €) and Shares-Basedpremium (0,2mln €); 0,5mln € of extraordinary costs in H1 2022A mainly related to FILA Group reorganization costs - restructuring costs, consultancy fees and Covid-19pandemic, partially offset by Shares-Basedpremium.

H1 2022A	Reported	Adjustment	H1 2023A

ADJUSTED EBITDA BY GEOGRAPHICAL AREA

H1 2022A

8,9%

40,8%

11,4%

38,9%

Europe

N. America

C&S America

Asia

RoW

H1 2023A	9,7%

20,5%

44,6%

25,4%

Europe

N. America

C&S America

Asia

RoW: -0,2%

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Data in millions of euros; for precise data refer to 6M FILA financial report