TraWell S p A : Annual financial report as of 31/12/2022 of the Trawell co Group

FINANCIAL STATEMENTS OF THE TRAWELL CO GROUP AS OF 31 DECEMBER 2022

The TraWell Co Group

TABLE OF CONTENTS

1. THE TRAWELL CO GROUP

1.	Presentation of the Group	3
2.	Shareholding structure	8
3. Company bodies	9
4.	TraWell Co S.p.A. in the stock exchange	10

1. REPORT ON OPERATIONS

1. Management performance, business outlook and continuity of the TraWell Co Group	12
2. Economic and financial performance of the TraWell Co Group	16
3. Economic and financial performance of the parent company TraWell Co S.p.A	20
4.	Other information	22
5.	Proposal for approval of the separate financial statements of TraWell Co S.p.A. and allocation
of the 2022 result	28

1. CONSOLIDATED FINANCIAL STATEMENTS OF THE TRAWELL CO GROUP AS OF 31 DECEMBER 2022

1.	Consolidated financial statements	30
2.	Explanatory notes to the consolidated financial statements	35
3.	Report of the Auditing Company on the Consolidated financial statements	69

1. SEPARATE FINANCIAL STATEMENTS OF TRAWELL CO S.p.A. AS OF 31 DECEMBER 2022

1.	Separate financial statements	74
2.	Explanatory notes to the separate financial statements	78
3.	Report of the Board of Statutory Auditors on the separate financial statements	102
4.	Report of the auditing company on the separate financial statements	106

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The TraWell Co Group

1. THE TRAWELL CO GROUP

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The TraWell Co Group

1. Presentation of the Group

The TraWell Co Group (hereinafter also the "Group") is a multinational company operating in the Airport Retail market.

The market for luggage protection is a niche within the more extensive airport retail market. Implementation of the service is concentrated within the landside area, prior to check-in, given that it targets passengers who must check in their bags prior to departure.

Founded in 1997 by Rudolph Gentile, a manager of extensive experience in the airline industry, TraWell Co S.p.A. (hereinafter also "TraWell Co", "Company", or "Parent Company") is a pioneer in the baggage wrapping service.

The TraWell Co Group is currently the global leader and reference model for all companies of the sector, both in terms of quality of the service as well as innovation. The strategic vision - along with the significant investments in technology, infrastructures, and training - have allowed the company to rapidly and significantly increase its presence in primary global airports as well as the quality standards of the service and the professionalism of its personnel.

In the near future, TraWell Co S.p.A. continue to invest in innovation and development with the aim of expanding and further consolidating its leadership in the sector.

International oversight

During 2022, TraWell Co S.p.A. operated in 136 sales points located in 41 airports.

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The TraWell Co Group

Of the 41 airports, 21 are in Europe (of which seven in Italy), 15 in Asia and 5 in America.

The airports in which the Group has operated during the course of 2022 are listed below:

• EUROPE (21 airports)

1. Italy (through TraWell Co S.p.A) - Venice, Bologna, Olbia (only for six months), Cagliari, Rome, Milan Malpensa, and Milan Linate;

1. France (through FSB Service Sarl) - Nice, Lyon, Marseille, Toulouse, and Bordeaux;

• 1. Portugal (through Flysafeb Unipessoal Lda) - Lisbon, Porto, Faro, Ponta Delgada and Madeira;
  1. Switzerland (through Safe Bag Sagl) - Geneva and Zurich;
  1. Greece (through Care4Bag) - Athens;
  1. Estonia (through Pack & Fly Group OU) - Tallinn;
  1. Czech Republic (through Safe Bag Czech Republic S.r.o.) - Prague
• ASIA (15 airports)
• 1. Russia (through Wrapping Service LLC and Fly Pack LLC) - Sheremetyevo, Sochi, Krasnodar, Kazan, Anapa, Naberezhniye Chelni, Murmansk (until February 2022), Ufa, Yuzhno-Sakhalinsk, Vladivostok, Krasnoyarsk, Orenburg (until May 2022), Jakutsk, Surgut;

• 1. Kyrgyzstan (through Pack&Fly Group OU) - Bishkek
• AMERICA (5 airports)
• 1. United States (through Safe Bag USA LLC) - Miami;

1. Canada (through Safe Bag Canada Inc.) - Montréal, Vancouver, Calgary; o Peru (through Safe Bag Latam Peru S.A.C.) - Lima

TraWell Co S.p.A. is listed on the Euronext Growth Milan - organized and managed by Borsa Italiana S.p.A.

It is the only global company of the sector that is listed in a stock exchange.

Offered services

The service portfolio of TraWell Co is the most extensive and innovative within both the industry and at a global level.

The standard value proposition offered at most airports includes baggage protection services, the sale of travel accessories, and the Weigh & Save service.

The Baggage Protection service includes two service packages with unique characteristics in the industry:

• Basic Protection: baggage wrapping with special anti-fire and 100% recyclable film, and money back guarantee for damage and theft of contents.
• Lost & Found Concierge: service includes: (i) tracking with SITA WorldTracer System; (ii) reimbursement for delayed delivery of 100 Euro (for direct flights) or 50 Euro (for flights with stopovers) per day after 48 hours (up to a maximum of 1,000 Euro for direct flights and up to a maximum of 500 Euro for flights with stopover), or reimbursement for definitive loss up to 4,000

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