OVS S p A : RISULTATI FINANZIARI 12M22 E STRATEGY UPDATE Presentazione

FY2022 Financial Results and Strategy Update

On April 20, 2023, at 15:00 local time (CEST), a conference call will take place during which the main results for the financial year ended 31 January 2023 and the Strategy update will be presented.

The event can be followed via conference call and audio webcast:

• Phone Numbers: Italy [phone], UK [phone], US [phone], for journalists [phone]
• Audio webcast:https://media.choruscall.eu/mediaframe/webcast.html?webcastid=m8cJ3WIo

Disclaimer

This presentation is being provided to you solely for information only and may not be reproduced or redistributed to any other person.

This presentation may contain certain forward-looking statements that reflect the current views of the Company's management with respect to future events and the financial and operational performance of the Company and its subsidiaries. These forward-looking statements are based on OVS S.p.A.'s current expectations and projections about future events. Since the latter are subject to risks and uncertainties, actual future results or performances may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are outside the control of OVS S.p.A. or beyond its projection. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as at the date of this presentation.

OVS S.p.A. shall not be under any obligation to publicly release any updates or revisions to any forward-looking statements to reflect events or circumstances after the date of this presentation.

Any reference to past performance or trends or activities of the OVS S.p.A. shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy OVS's securities, nor shall the document form the basis of or be relied on in connection with any contract or investment decision relating thereto, or constitute a recommendation regarding the securities of OVS. OVS's securities referred to in this document have not been and will not be registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

The manager in charge of preparing the corporate accounting documents, Nicola Perin, declares, pursuant to paragraph 2 of article 154-bis of the Consolidated Law on Finance, that the accounting information contained in this press release corresponds to the accounting figures, books and records.

This investor presentation contains measures that were not prepared in accordance with IAS/IFRS. The information presented in this document has not been audited.

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FY2022 Financial Results and Strategy Update

AGENDA

FY 2022 Financial Results

Strategy Update

Outlook

Appendix

FY 2022 Financial results

Excellent financial results with strong increase of sales and EBITDA. Current trading up by more than 10%

Net sales

€1,513m

+11.3% vs. 2021

Adjusted EBITDA

€180.2m

+€33.0m vs. 2021

Net cash flow

€64.1m

in line with 2019

Adjusted Net Debt

€162.0m

vs. 190.3m as of 31 Jan 2022

Dividend

€0.06

per share

• Net Sales €1,513m, +11.3% compared to 2021, mainly thanks to the increase in the like-for-like perimeter. All brands reported a positive trend. Traffic and average ticket are increasing;
• Adjusted EBITDA €180.2m, +22.4% compared to 2021, 11.9% on Net sales. Revenues trend and expansion of gross margin (at 57.1%, +40 basis points compared to 2021) achieved despite higher raw material and supply-chain costs. 4Q 2022 EBITDA €56.1m, +€13.4m (+31.5%) compared to the same period last year;
• Adjusted Net income €78.4m, +75.2% compared to 2021;
• Net cash flow, before dividend distribution and share buyback, €64.1m including capital expenditures for more than €80m. Adjusted Net Debt at €162.0m and leverage ratio at 0.90x;
• Proposal of dividend distribution of €0.06 per share, a 50% increase compared to 2021;
• Sustainability is at the heart of everything we do. For the second consecutive year, OVS ranks first in Fashion Revolution's "Fashion Transparency Index" as the company most attentive to transparency in the world;
• Very positive current trading, with like-for-like sales growing more than 10% compared to 2022 for all brands.

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FY2022 Financial Results and Strategy Update

Q4 2022 Key income statement items

Increased sales at stable gross margin and store costs under control resulted in a strong EBITDA growth

€m		Q4 2022		Q4 2021		Change	Change %
	Adjusted		Adjusted		Adjusted	Adjusted

Net Sales	425.9	380.9	45.1	11.8%
EBITDA	56.1	42.6	13.4	31.5%
EBITDA%	13.2%	11.2%			+196ppt
EBIT	41.0	28.5	12.5	44.1%
EBIT%	9.6%	7.5%			+215ppt
PBT	37.3	23.1	14.2	61.6%

Adjusted results do not reflect the application of IFRS16 and non recurring items.

• 4Q 2022 Net sales €425.9m, +11.8% compared to 4Q 2021, is the result of strong sales increase experienced during Christmas period and seasonal sales;
• 4Q 2022 EBITDA €56.1m, +€13.4m compared to 4Q 2021, thanks to the operational leverage in a context of higher sales at stable gross margin;
• 4Q 2022 Profit before tax €37.3m, +61.6% compared to 4Q 2021, benefitted from higher EBITDA with decreasing financial charges.

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FY2022 Financial Results and Strategy Update