Masi Agricola: consolidated results at 31st March 2019

PRESS RELEASE

MASI AGRICOLA: CONSOLIDATED RESULTS AS AT 31 MARCH 2019

DROP IN REVENUES AT THE END OF MARCH AND REALIGNMENT IN APRIL

NET FINANCIAL DEBT IMPROVES

•Net revenues € 13.3 million (€ 14.0 million in Q1 2018, -5%)

•EBITDA € 2.5 million (€ 2.7 million in Q1 2018)

•Net financial debt € 7.9 million (€ 9.1 million at 31 December 2018)

Sant'Ambrogio di Valpolicella, 15 May 2019. The Board of Directors of Masi Agricola S.p.A., a company listed on the AIM Italia market and one of the top Italian producers of premium wines, met today to approve the consolidated results as at 31 March 2019.

The main consolidated income statement figures of the Masi Group at the end of the first quarter of 2019 compared with the corresponding period and the full year of 2018 are provided below:

(thousands of euros)
RECLASSIFIED CONSOLIDATED INCOME	1Q-2019	1Q-2018	Change	% Change	Year 2018
STATEMENT
Revenues	13,320	14,014	(694)	(5)%	65,313
EBITDA (*)	2,469	2,664			12,259
EBITDA Margin (**)	18.6%	19.0%			18.8%

(*)EBITDA is the result before financial charges, taxes, depreciation and amortisation of fixed assets, bad debts, provisions for risks and charges and extraordinary items. EBITDA therefore represents the result of operational management before amortisation and depreciation and the assessment of the collectability of trade receivables. The EBITDA thus defined represents the indicator used by the Company's directors to monitor and assess the operating performance of the business. Since the EBITDA is not identified as an accounting measure in the context of the accounting standards of reference, it should not be considered an alternative measurement for the assessment of the performance of the Company's operating results. Since the composition of EBITDA is not regulated by the accounting standards of reference, the criterion of determination applied by the Company may not be consistent with its calculation by other entities and therefore may not be comparable with them.

(**) The EBITDA Margin is calculated by the Group as the ratio between EBITDA and Revenues.

It should be noted that the Company did not publish consolidated accounting data for the first quarter of 2018, as it was engaged in "IAS conversion" for the approval of the 2017 accounts.

In the first quarter of 2019, revenues decreased by about 5% compared to the same period of the previous year, without significant exchange rate differences. Looking at the data underlying the overall figure, there was a particularly positive performance in the direct hospitality initiatives of the Masi Wine Experience project and Canevel.

It should also be noted that April 2019 was a particularly positive month for the Group, so much so that it made up for the drop in the first quarter and brought consolidated revenues for the first quarter of 2019

MASI AGRICOLA S.P.A.

VIA MONTELEONE, 26 - 37015 GARGAGNAGO DI SANT'AMBROGIO DI VALPOLICELLA - VERONA - ITALY

TELEPHONE [phone] - FAX [phone] - [e-mail] - WWW.MASI.IT

substantially in line with the previous year, demonstrating the often reiterated fact that in the Company's business a single quarter is not significant for identifying trends.

Consolidated EBITDA went from € 2,664 thousand in the first three months of 2018 to € 2,469 thousand.

The following table shows the consolidated net financial debt as at 31 March 2019 compared to 31 December

2018 and 31 March 2018:

(thousands of euros)	31-03-201931-12-2018	Change	31-03-2018
Net Financial Position/(Debt)	(7,876)	(9,054)	1,178	(4,608)

The consolidated net financial debt at 31 March 2019 does not include the accounting items emerging following the adoption of IFRS 16.

_ _ _

MASI AGRICOLA

Masi Agricola is a winery based in Valpolicella Classica, producing and distributing fine wines firmly rooted in the values of the Triveneto region. By using indigenous grape varieties and methods, as well as constantly conducting experiments and research, today Masi is one of the best-known Italian producers of fine wines in the world. Its products, and especially its Amarone wines, have won several international awards. The Group's business model combines high quality and efficiency with the modernization of local values and traditions. All this forms part of a vision that allows Masi to stand out not only for its core business, but also for how it carries out research and experimentation in agriculture and winemaking, seeking to promote the territory and the cultural heritage of the Triveneto region. The Group boasts an increasingly strong international outlook: it operates in over 130 countries, with exports representing almost 80% of overall sales. In 2018, Masi Group generated over 65 million euros in sales, with an EBITDA margin of around 19%. Masi has a detailed growth strategy based on three pillars: organic growth though the strengthening in the numerous markets where it is already operating; expansion of the offer of wines linked to the local territory and to the techniques of the Venezie, also by aggregating other winemakers; achievement of more direct contact with the end user, thus giving more relevance to the brand, which is internationally recognised.

Masi shares trade under the ticker symbol "MASI" and the ISIN code IT0004125677. The minimum trading lot is 250 shares. The company's Nomad and Specialist is Equita Sim S.p.A.

www.masi.it

Note: the accounting data in this press release have been prepared in accordance with IAS/IFRS. The figures for the first quarter of 2019 and the first quarter of 2018 have not been and will not be audited. The figures for the entire 2018 financial year have been fully audited.

For further information:

Masi Agricola S.p.A.	Nomad and Specialist
Investor Relations	EQUITA SIM S.p.A.
Federico Girotto	Roberto Borsato
Phone: [phone]	Phone: [phone]
Fax: [phone]	Fax: [phone]
Email: [e-mail]	Email: [e-mail]

MASI AGRICOLA S.P.A.

VIA MONTELEONE, 26 - 37015 GARGAGNAGO DI SANT'AMBROGIO DI VALPOLICELLA - VERONA - ITALY

TELEPHONE [phone] - FAX [phone] - [e-mail] - WWW.MASI.IT

Finance Press Office	Masi Agricola S.p.A. Press Office
Close to Media	Elisa Venturini
Adriana Liguori, Sofia Crosta	Phone: [phone]
Phone: [phone]	Mobile: [phone]
Fax: [phone]	Email: [e-mail]
Email: [e-mail]
[e-mail]

MASI AGRICOLA S.P.A.

VIA MONTELEONE, 26 - 37015 GARGAGNAGO DI SANT'AMBROGIO DI VALPOLICELLA - VERONA - ITALY

TELEPHONE [phone] - FAX [phone] - [e-mail] - WWW.MASI.IT