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    UNIR   IT0005239881

UNIEURO S.P.A.

(UNIR)
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Unieuro S.p.A.: Strategic Plan to 2026 approved

06/10/2021 | 08:48am EDT

CORPORATE PRESS RELEASE

UNIEURO S.P.A.: STRATEGIC PLAN TO 2026 APPROVED

  • Launch of the "Omni-Journey" strategy that will make Unieuro the ideal response to every need linked to the world of technology, whilst always promoting Responsible Innovation
  • Up to 265 million Euros of investments over five years to transform the company, already a market leader, into the industry's omnichannel market setter
  • Strong cash generation1 throughout the entire Plan period, serving growth in Italy and abroad as well as shareholder remuneration: net cash2 at year-end 2025/26 between €370 and 390 million (net of 2021 dividend)
  • Revenues expected up to €3.3 billion in the FY 2025/26 compared to €2.4 billion pre-Covid, up 4/6% per year compared to +1/2% for the market
  • Adj. EBIT3 of between €85 and €95 million in FY 2025/26, a new all-time high and up 45/62% from pre-Covid, with expected cash generation of between €65 and €75 million
  • Guidance 2021/22: revenue growth to EUR 2.8/2.9 billion, normalisation of
    operating profitability after last year's non-recurring benefits: Adjusted EBIT3 expected to be between €65 and 75 million (+11/+28% vs. pre-Covid)

Forlì, 10 June 2021 - The Board of Directors of Unieuro S.p.A. (MTA: UNIR), the leading distributor of consumer electronics and household appliances in Italy, met today under the chairmanship of Stefano Meloni and approved the Company's five-year Strategic Plan (the "Plan").

Thanks to heavy investments, amounting to an average of more than €50 million per year, Unieuro intends to complete the company's digital transformation, which is already underway, by becoming a fully omnichannel retailer over the course of the Plan and implementing the new "Omni-Journey" strategy, aimed at anticipating and meeting customers' needs at all stages of their experience, before, during and after their purchase.

The cash generated1 over the five-year period - net of these investments, which will absorb between €245 and 265 million - will allow the Company to record a positive net cash position2 of €370/390 million at the end of the Plan, net of the proposed 2021 dividend of up to €54.2 million.

This considerable liquidity will be available to Unieuro to remunerate its shareholders - also pursuant to the dividend policy currently in force - and to seize new opportunities for external growth, no longer limited to the sales networks in Italy, but potentially including the acquisition of leading operators in foreign countries, of digital farms capable of accelerating the digitisation of Unieuro or even of companies operating in segments of the value chain that are not currently covered.

Unieuro S.p.A.

Sede legale e amministrativa: Palazzo Hercolani via Piero Maroncelli, 10 - 47121 Forlì (FC)

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CORPORATE PRESS RELEASE

In pursuing its evolutionary path, Unieuro will continue to gain market share year after year, increasing its turnover to the €3.2/3.3 billion forecast in the FY 2025/26 compared to 2.4 billion pre-Covid. The weighted average growth is therefore estimated at around 4/6% per year, compared to a more limited market growth, expected to be around +1/2% per year.

In the same year, Adjusted EBIT3 will reach new record levels, thus surpassing the exceptionally positive ones reported in 2020/21, and will be between €85 and 95 million, against adjusted cash flow of between €65 and 75 million.

"Only a month ago we presented the market with the best financial statements in Unieuro's history, thus rounding off a steady growth path that has drawn further energy and motivation from the listing on the stock market and subsequent evolution into a public company.

While we are preparing to pay out a record dividend and make our debut in the FTSE Italia Mid Cap index, today we are taking another historic step, presenting the market with an ambitious Strategic Plan that aims to definitively transform Unieuro into an omnichannel company for the total benefit of its stakeholders, first and foremost customers and shareholders.

To our customers we promise a central role in our strategy, offering them an increasingly distinctive and personalised consumer experience thanks to our passion and commitment to serving them.

To our shareholders, on the other hand, we anticipate that Unieuro will continue to grow more than its reference market, generating up to €3.3 billion in revenues in five years' time, with an Adjusted EBIT at record-breaking levels and a continuous and solid generation of cash, which will allow us to remunerate capital and seize unprecedented opportunities in Italy and abroad.

Lastly, to all stakeholders we guarantee an increasingly sustainable approach, which in the coming months will translate into a Sustainability Plan capable of strengthening and structuring the initiatives underway.

In keeping with Unieuro's DNA, which has always been focused on change and innovation, the Strategic Plan represents a further milestone in the Company's growth and evolution path, marking the definitive transition from Market Leader to Market Setter.

Our management team, recently redefined and strengthened, is ready to tackle and win this new, exciting challenge."

Giancarlo Nicosanti Monterastelli, CEO of Unieuro.

Unieuro S.p.A.

Sede legale e amministrativa: Palazzo Hercolani via Piero Maroncelli, 10 - 47121 Forlì (FC)

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CORPORATE PRESS RELEASE

The reference market

The consumer electronics and household appliances market in Italy has historically shown a stable trend, with significant growth in 2020/21 (around +8%) linked to the Covid emergency.

The pandemic has indeed significantly impacted Italian consumption and lifestyle, emphasising a number of macro-trends relevant to Unieuro's reference sector, some of which had already appeared in previous years:

  • the refocusing of consumption in terms of budget and spending mix, with many consumers seeking convenience, while others focus on value;
  • the shift of life to the home, the new centre of gravity around which work, social relations and leisure revolve;
  • the push towards digitisation, with the emergence of new habits and increasing expectations on online purchases;
  • the growing importance of sustainability, in particular the search for energy efficiency among the relevant parameters in shopping choices.

Against this background, the competitive advantages built up over the years by Unieuro have allowed it to confirm and strengthen its omnichannel leadership, outperforming both the online and offline markets.

In the next few years, the market is expected to mildly grow, partly thanks to the consolidation of the new habits acquired in the Covid year and partly thanks to the average per capita spending getting closer to the more mature European countries, compared to which Italy is still lagging behind.

The weighted average rate of market growth between the FY 2019/20, the last before the Covid emergency, and FY 2025/26 is expected to range between 1 and 2% per year.

Over the Plan period, the online channel, building on the levels achieved in 2020/21, is expected to continue its growth at annual rates comparable to pre-Covid expectations, reaching a share of around 30% of the total market.

Multichannel operators will nevertheless maintain a central role, thanks to the increasing value attached to proximity and the rising integration between sales channels.

The "Omni-Journey" Strategy

Unieuro S.p.A.

Sede legale e amministrativa: Palazzo Hercolani via Piero Maroncelli, 10 - 47121 Forlì (FC)

3

unieurospa.com unieuro.it linkedin.com/company/unieuro

CORPORATE PRESS RELEASE

Unieuro is already the Market Leader in consumer electronics and household appliances in Italy, a position it has achieved thanks to specific competitive advantages that are unique and distinct from its main competitors.

With the new "Omni-Journey" Plan, Unieuro intends to start a new chapter in its history, becoming a "Market Setter", i.e. the player that drives the sector's performance, anticipates market trends, and influences the rest of the value chain, with the ultimate goal of consolidating its role as the "natural destination" for technology purchases at every stage of the customer experience.

The company's mission evolves in the consolidation and growth of market and image leadership, to the benefit of all stakeholders: for Unieuro, people always take centre stage in an omnichannel ecosystem which - thanks to the integration of direct, affiliated and web stores - offers proximity and service, bringing about a distinctive and personalised consumer experience.

The "Omni-Journey" approach is based on four strategic pillars that accompany customers throughout their experience, before, during and after their purchase:

  • "Omni-Choice":anticipating everyone's needs, offering the best personalised advice with expertise and service;
  • "Omni-Purchase":offering the best proposal, guaranteeing availability of the right product, in the right place and at the right price;
  • "Omni-Experience:guaranteeing the best level of service, distinctive and personalized, within the Unieuro ecosystem;
  • "Responsible Innovation": ensuring sustainability along the entire value chain, with passion and commitment, and inducing responsible behaviour during the entire purchasing process.

The Plan is based on the following main strategic objectives:

1. Strengthening the "Core Business"

Unieuro intends to consolidate its leadership in the sector by winning further market share, also in new product categories.

This objective will be achieved thanks to a strengthening of the omnichannel proposition, with an increasing weight of e-commerce and an evolution of the role of brick-and-mortar stores, which will continue to play a central and distinctive role within the omnichannel purchasing process.

To this purpose, the company is making major investments in digital transformation, aimed at enhancing the tools available to management, by making strategies data-driven and

Unieuro S.p.A.

Sede legale e amministrativa: Palazzo Hercolani via Piero Maroncelli, 10 - 47121 Forlì (FC)

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CORPORATE PRESS RELEASE

guaranteeing extreme personalisation of the offer (in terms of assortment, price, promotions, communication) and the customer experience at all stages.

2. Evolution of the operating model and service level

The foundations on which the new Plan is based include the adjustment of the operating model by strengthening processes, talents and tools.

Unieuro will adopt a structured mobilisation plan to achieve tangible results, including the consolidation of the management technology infrastructure to be achieved through investments in cybersecurity that will ensure safe business continuity against cyber attacks.

Last but not least, the current customer care operating model will be developed to improve the level of service offered and optimise communication, including proactive communication, with the customer.

3. Development of new sources of business and profitability

Unieuro intends to develop along three new directions to support and diversify its profitable growth over the Plan period:

  • Ongoing improvement and innovation of the range of services and level of assistanceto offer an increasingly complete, personalised, omnichannel customer experience;
  • Expansion of the product categories offered, including by expanding the ecosystem of partnerships to meet the technological needs of the customer and improve life at home;
  • Development of exclusive brands, with a distinctive positioning in terms of quality and price.

4. Responsible Innovation

Sustainability will be one of the pillars of Unieuro's new strategy, with the objective of creating sustainable value for all stakeholders and guaranteeing a consistently positive experience with technology in daily life, obtaining an important competitive advantage in addition to improving economic and financial metrics.

Unieuro's ESG strategy, through concrete initiatives already identified, is articulated in four areas: Community, Talent, Responsible Innovation and Culture.

In support of this commitment and ahead of a detailed Sustainability Plan to be disclosed in the coming months, Unieuro has already introduced a new ESG performance objective for the second cycle of the 2020-2025 Performance Share Plan for company management.

Unieuro S.p.A.

Sede legale e amministrativa: Palazzo Hercolani via Piero Maroncelli, 10 - 47121 Forlì (FC)

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unieurospa.com unieuro.it linkedin.com/company/unieuro

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Unieuro S.p.A. published this content on 10 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 June 2021 12:47:00 UTC.


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Financials
Sales 2022 2 852 M 3 390 M 3 390 M
Net income 2022 44,7 M 53,1 M 53,1 M
Net cash 2022 147 M 174 M 174 M
P/E ratio 2022 10,8x
Yield 2022 4,95%
Capitalization 502 M 596 M 596 M
EV / Sales 2022 0,12x
EV / Sales 2023 0,12x
Nbr of Employees 4 715
Free-Float 82,5%
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Last Close Price 24,24 €
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Managers and Directors
Giancarlo Nicosanti Monterastelli Chief Executive Officer & Director
Marco Pacini Chief Financial Officer
Stefano Meloni Chairman
Luigi Fusco Chief Operations Officer
Marino Marin Independent Non-Executive Director
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