F I L A Fabbrica Italiana Lapis ed Affini S p A : .I.L.A. S.p.A. Q1 2023 Results Presentation

Q1 2023 FILA Group Results

Disclaimer

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Q1 2023 Highlights

• Adjusted Core Business Sales of 178,7mln €, +7,6% (+12,7mln €) on the same period of the previous year (166,0mln € in Q1 2022); +7,5% at comparable FX rates. Asia +7,8mln € (+29,1%), Middle and South America +4,4mln € (+29,2%), North America +1,7mln € (+2,5%) and Other Countries +0,1mln € (+13,6%) partially offset by Europe -1,6mln € (-2,8%).
• Indian Market at 30,1mln € (third parties revenues) in Q1 2023 in line with expectations, +35,5% on the same period of the previous year at comparable FX rates.
• Adjusted EBITDA, excluding IFRS 16 impact, of 24,3mln €, +7,4% (+1,7mln €) on Q1 2022 (22,7mln €); +5,4% at comparable FX rates, +1,2mln €. This result is mainly related to the positive performance in Asia, Middle-South America and North America.
• Adjusted EBITDA margin at 13,6% substantially in line with Q1 2022 (13,7%) and better than foreseen, mainly thanks to the positive effect generated by price increase, expected to continue in the following quarters, despite opening stocks high value.
• Total adjusted Net Profit, excluding IFRS 16 impact, of 5,0mln € (8,9mln € in Q1 2022). This values is significantly impacted by higher net financial expenses at 8,7mln €, more than doubled compared to the same period of the previous year, of which 7.3 million Euros mainly related to the increase in variable interest rates and the residual part of around 1 million Euros Euro related to the negative financial exchange effects on the main currencies.
• Net Bank Debt of 406,5mln € (380,6mln € in Q1 2022) with an increase in the last twelve months of 15,9mln €, excluding negative FX effect of approx. 10,0mln €. The Net Bank Debt are in line with our 2023 expected cash generation.
• Adjusted "Free Cash Flow to Equity" at -55,5mln € (-29,6mln € in Q1 2022). The difference of -25,9mln € between Q1 2023 and Q1 2022 is mainly due to higher CAPEX for 9,7mln €, almost completely related to India to support the growth, higher net financial expenses for 3,5mln € and to the temporary negative effect on net working capital.
• The Net Bank Debt and "Free Cash Flow to Equity" are in line with our 2023 expected cash generation.

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Q1 2023 Core Business Sales

(€ million)

166,0

166,0

+12,7mln € +7,6%

178,7

178,7

• Adjusted Core Business Sales of 178,7mln €, +7,6% on Q1 2022A; +12,4mln € (+7,5%) at comparable FX rates, of which:
• • By Geographic Area: Asia +7,8mln € (+29,1%), Middle and South America +4,4mln € (+29,2%), North America +1,7mln € (+2,5%) and Other Countries +0,1mln € (+13,6%) partially offset by Europe -1,6mln € (-2,8%).

Q1 2022A

Q1 2023A

Reported Adjustment

SALES BY GEOGRAPHICAL AREA

Q1 2022A

9,1%

	16,1%
41,4%	0,5%

32,9%

Europe

N. America

C&S America

Asia

RoW

Q1 2023A	10,8%

18,5%

0,5%

41,0%

29,2%

Europe

N. America

C&S America

Asia

RoW

Data in millions of euros; for precise data refer to 3M FILA financial report	4

Q1 2023 EBITDA Adjusted (Excluded IFRS 16)

Margin (%) 13,7

22,7

22,3

+1,7mln € +7,4%

0,4

13,6

24,3

22,1

(€ million)

2,2

• Adjusted EBITDA of 24,3mln €, +7,4% on Q1 2022A; +1,2mln € (+5,4%) at comparable FX rates;
• 2,2mln € of extraordinary costs in Q1 2023A mainly related to Group reorganization costs/restructuring costs (1,5mln €), FILA consultancy fees (0,6mln €) and Shares-Basedpremium (0,1mln €); 0,4mln € of extraordinary costs in Q1 2022A mainly related to FILA Group reorganization costs and consultancy fees.

Q1 2022A		Reported		Adjustment	Q1 2023A

ADJUSTED EBITDA BY GEOGRAPHICAL AREA

Q1 2022A

9,9%

14,9%

37,5%

0,4%

37,3%

Europe

N. America

C&S America

Asia

RoW

Q1 2023A

11,4%

24,6%

37,8%

26,4%

Europe

N. America

C&S America

Asia

RoW: -0,2%

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Data in millions of euros; for precise data refer to 3M FILA financial report