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H1 2026 Financial results 23 September 2026 A conference call with analysts and investors will take place on the 24 September 2026 at 12:00, local time. The conference call can be accessed via the following link: https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=5668086&linkSecurityString=dc8720408
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2 FIRST HALF 2026 > Strong growth in the period Net sales +11%, EBITDA +12%, EBITDA margin 13.0% > Goldenpoint integration progressing successfully Double-digit sales growth and positive EBITDA > Net debt €53.6M improvement CURRENT TRADING > Based on current trading, management expects also second half results to improve vs. last year
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AGENDA H1 2026 Financial results Current trading e Outlook Appendix
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4 €m H1 2026 Adjusted H1 2025 Adjusted Net Sales 877.4 792.9 84.5 10.7% Gross Margin 545.2 480.9 64.3 13.4% Gross Margin % 62.1% 60.7% +149bps EBITDA 114.3 101.7 12.5 12.3% EBITDA % 13.0% 12.8% +19bps EBIT 76.7 69.2 7.5 10.8% PBT 68.7 60.8 7.9 13.0% Net Income 49.1 45.6 3.5 7.7% Organic perimeter excluding Goldenpoint Net Sales 825.4 778.3 47.2 6.1% Gross Margin 507.7 470.0 37.7 8.0% Gross Margin % 61.5% 60.4% +112bps EBITDA 114.1 97.1 17.0 17.5% EBITDA % 13.8% 12.5% +135bps Change H1 2026 Income Statement Adjusted results do not reflect the application of IFRS16 and non recurring items. Organic perimeter(1) • Net sales +6.1% vs. H1 2025 (vs. +1.5% reference market); Q2 2026 maintained an excellent growth of +4.9%; • Success of OVS brands positioning based on quality, stylistic research, sustainability, at an accessible price; • EBITDA at €114.1 million (13.8% on net sales, +135bps), leveraging higher sales with increasing gross margin (61.5% on net sales, +112bps). Goldenpoint: The integration is progressing successfully. Net sales grew by over 10% vs. same period of 2025 and EBITDA is positive. Consolidated perimeter • Net sales +10.7% vs. H1 2025 and EBITDA at €114.3 million (+12.3% vs. H1 2025); • Net income +7.7% as the result of EBITDA improvement, despite a temporary increase tax rate from changes in the fair value of currency hedging instruments expected to normalize in full-year figures. Very positive trend across all the group's brands alongside excellent operational effectiveness (1) Comparable scope excluding Goldenpoint, consolidated as of July 2025 H1 2026 Financial results, 23 September 2026
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5 H1 2026 Sales and EBITDA Performance H1 2025 H1 2026 578.8 614.0 +6.1% H1 2025 H1 2026 180.9 191.9 +6.1% H1 2025 H1 2026 80.8 93.0 +15.1% H1 2025 H1 2026 18.9 22.8 +20.5% Aggregated performance Net sales (€m) Performance of main banners 14.0% 15.1% 10.4% 11.9% OVS and Upim continue their growth trajectory. Stefanel +31% (of which +11% like-for-like), accelerating its turnaround process. Goldenpoint: Net sales +11%(1) vs. H1 2025 and positive EBITDA (ca. +€4m(1) vs. H1 2025). H1 2025 H1 2026 778.3 825.4 631.4 146.9 668.4 157.0 +6.1% DOS and E-commerce Franchising and B2B +6.9% +5.9% H1 2025 H1 2026 792.9 877.4 645.6 147.2 716.9 160.5 +10.7% +9.0% +11.0% H1 2025 H1 2026 101.7 114.3 +12.3% H1 2025 H1 2026 97.1 114.1 +17.5% 13.0%12.8% 13.8%12.5% Excluding Goldenpoint Adjusted EBITDA (€m) and EBITDA margin (%) Excluding Goldenpoint (1) Consolidated as of the month of July 2025, variation describe the change versus comparable same six months period of 2025. H1 2026 Financial results, 23 September 2026
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6 €m 31 July 2026 Adjusted 31 July 2025 Adjusted Change Trade Receivables 71.7 80.2 (8.5) Inventory 510.0 550.6 (40.5) Trade Payables (376.3) (421.3) 44.9 Trade Working Capital 205.4 209.5 (4.1) % on Net sales 11.2% 12.6% (1.4%) 31 July 2026 Trade Working Capital Trade working capital as at 31 July 2026 improving versus 31 July 2025 in a context of business growth Trade Working Capital does not reflect the application of IFRS 16 and Trade receivables are net of IFRS 15 provision. Trade working capital is improving in a context of business growth as the net result of: • Trade Receivables decreased by €8.5 million due to progressive shift toward consignment business model; • Inventory materially decreasing thanks to stock optimization projects and favorable EUR/USD exchange rate; • Trade payables decreasing vs. July 2025 for the EUR/USD and some phasing effects. H1 2026 Financial results, 23 September 2026
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7 H1 2026 Capital Expenditures New openings and refurbishments IT and Digital Trasformation Logistics, headquarter and other Total 33.2 35.9 43.6 46.3 5.9 7.7 4.5 2.8 H1 2025 H1 2026 Solid balance sheet and positive cash profile are driving higher investments in store expansion and digital transformation OVS flagship store, Dubai H1 2026 Financial results, 23 September 2026
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8 €m H1 2026 H1 2025 Change EBITDA Adjusted 114.3 101.7 12.5 Non recurring items (0.4) (1.0) 0.6 Change in Trade Working Capital (62.6) (72.1) 9.5 Other changes in Working Capital (27.9) (24.0) (3.9) Capex (46.3) (43.6) (2.8) Operating Cash Flow (23.0) (39.0) 15.9 Financial charges (7.8) (8.1) 0.3 Taxes & others (19.3) (18.4) (0.9) Net Cash Flow excluding M&A, dividends and buybacks (50.2) (65.5) 15.3 H1 2026 Cash Flow The table shows the adjusted cash flows in order to represent the Group's operating performance net of non- recurring and non-operating events, net of the application of IFRS 16 and reclassifying the liabilities for returns under IFRS 15 among the components of Working Capital. Net Cash Flow recorded a €15.3 million improvement versus H1 2025 • H1 2026 Net cash flow shows a cash absorption in line with the typical seasonality of the business; • Significant improvement of €15.3 million vs. 2025 as consequence of EBITDA growth combined with working capital optimization; • Other items in the period remain broadly stable. H1 2026 Financial results, 23 September 2026
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9 Both the Net debt and the Leverage ratios closed with an improvement versus 31 July 2025 31 July 2026 Net debt and Leverage • Adjusted Net Debt at €240.1 million, improved by €53.6 million YoY, driven by strong cash generation that fully absorbed higher shareholder remuneration; • Leverage ratios decreasing vs. 31 July 2025; • In H1 2026 allocated €33.9m to dividend distribution and €10.2m to buyback, overall +€7.8m vs. H1 2025. Treasury shares in portfolio as of 22 September 2026 amounted at 13,220,430, equal to 5.184% of Share capital. €m 31 July 2026 31 July 2025 Change Net Debt adjusted for MtM hedging instruments and IFRS16 240.1 293.6 (53.6) Leverage on EBITDA Net Debt adjusted / EBITDA Adjusted last 12 months 1.04x 1.41x (0.37)x Leverage last 12 months on EBITDA Avg. Net Debt adjusted of last 12 months / EBITDA Adjusted last 12 months 1.14x 1.26x (0.11)x Net Debt reported 1,421.3 1,427.3 (5.9) H1 2026 Financial results, 23 September 2026
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AGENDA H1 2026 Financial results Current trading e Outlook Appendix
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11 Outlook and Current trading > Apparel market is showing good resilience despite inflationary pressures; > Collection and brand initiatives, alongside banner development, are sustaining sales momentum; > Response to fall collections is very good; H2 2026 sales to-date are in line with those of last two years, which were very robust; > Margins will benefit from the favorable EUR/USD exchange rate; > Operating costs expected to remain under control; > Overall, management expects also second half results to improve versus last year, confirming the outlooks for full-year growth; > Cash generation expected to further improve compared to €90 million recorded in FY 2025. H1 2026 Financial results, 23 September 2026
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AGENDA H1 2026 Financial results Current trading e Outlook Appendix
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13 31 July 2026 DOS Franchising Total DOS Franchising Total DOS Franchising Total OVS 555 230 785 10 81 91 565 311 876 Upim 189 197 386 - 10 10 189 207 396 Stefanel 33 41 74 - 37 37 33 78 111 Shaka 9 1 10 - - - 9 1 10 GAP 9 - 9 - - - 9 - 9 Full-format stores 795 469 1,264 10 128 138 805 597 1,402 OVS Kids 24 230 254 10 279 289 34 509 543 BluKids 65 225 290 4 60 64 69 285 354 Kids stores 89 455 544 14 339 353 103 794 897 OVS SpA 884 924 1,808 24 467 491 908 1,391 2,299 Goldenpoint 340 69 409 - 3 3 340 72 412 OVS group 1,224 993 2,217 24 470 494 1,248 1,463 2,711 Italy International Total Store network as at 31 July 2026 H1 2026 Financial results, 23 September 2026
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14 Reconciliation between Adjusted and Reported Profit and Loss and Net financial position H1 2026 Financial results, 23 September 2026 €m 31 Jul 2026 Reported Reclass income from rents of which IFRS 16 Impact of which non recurring of which Stock Option, Derivatives, PPA, Forex 31 Jul 2026 Adjusted 31 Jul 2025 Reported Reclass income from rents of which IFRS 16 Impact of which non recurring of which Stock Option, Derivatives, PPA, Forex 31 Jul 2025 Adjusted Net Sales 877.4 - - - - 877.4 792.9 - - 0.1 - 792.9 Purchases of consumables 330.2 - - - (1.9) 332.2 318.2 - - 0.0 6.3 312.0 Gross Margin 547.2 - - - 1.9 545.2 474.7 - - 0.0 (6.3) 480.9 Gross margin % 62.4% n.a. n.a. n.a. n.a. 62.1% 59.9% n.a. n.a. n.a. n.a. 60.7% Personnel costs 196.7 - - 0.2 1.7 194.9 170.1 - - 0.8 1.5 167.8 Costs for services 130.4 - (0.7) 0.2 - 130.9 118.2 - (0.6) 0.2 - 118.6 Rent costs 22.1 7.7 (113.9) - - 128.3 21.7 7.3 (101.9) 0.0 - 116.2 Provisions 1.4 - - - - 1.4 1.3 - - - - 1.3 Other operating income (49.2) (7.7) (5.8) - - (35.7) (43.1) (7.3) (1.2) - - (34.6) Other operating costs 11.4 - 0.2 0.0 - 11.1 9.8 - (0.0) 0.0 - 9.8 Total operating costs 312.8 - (120.2) 0.4 1.7 430.9 278.0 - (103.7) 1.1 1.5 379.1 EBITDA 234.4 - 120.2 (0.4) 0.3 114.3 196.7 - 103.7 (1.0) (7.8) 101.7 EBITDA % 26.7% n.a. n.a. n.a. n.a. 13.0% 24.8% n.a. n.a. n.a. n.a. 11.6% Depreciation and amortization 129.6 - 87.3 - 4.7 37.6 116.3 - 78.6 0.4 4.7 32.5 EBIT 104.8 - 33.0 (0.4) (4.4) 76.7 80.3 - 25.0 (1.4) (12.5) 69.2 EBIT % 11.9% n.a. n.a. n.a. n.a. 8.7% 10.1% n.a. n.a. n.a. n.a. 8.7% Net financial (income)/charges 28.8 - 35.1 - (14.2) 8.0 56.5 - 33.7 - 14.4 8.4 PBT 75.9 - (2.1) (0.4) 9.7 68.7 23.8 - (8.6) (1.4) (26.9) 60.8 Taxes 23.5 - 0.9 (0.1) 3.1 19.6 7.4 - (1.0) (0.3) (6.5) 15.2 Net Income 52.4 - (2.9) (0.3) 6.6 49.1 16.4 - (7.6) (1.1) (20.5) 45.6 Net debt 1,421.3 - 1,192.5 - (11.3) 240.1 1,427.3 - 1,123.0 - 10.7 293.6
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15 Reconciliation between Adjusted and Reported Profit and Loss and Net financial position H1 2026 Financial results, 23 September 2026 Table on the previous page shows adjusted results in order to represent the group's operating performance net of the effects deriving from the application of the IFRS 16 international accounting standard, as well as non-recurring events not related to core operations. In the first half of 2026, the results are adjusted mainly to strip out the impacts related to IFRS 16, and in particular: (i) €120.2 million on EBITDA to mainly reflect rent payments; (ii) €33.0 million on EBIT following the reversal of depreciation and amortization of €87.3 million; (iii) €2.1 million on PBT due to the reversal of €35.1 million relating to net financial charges. EBITDA for the 2026 half-year is also adjusted mainly for: (i) €1.9 million in net negative exchange rate differences for forward hedging on purchases of goods in foreign currency sold during the year; (ii) €1.7 million in non-cash costs relating to stock option plans; (iii) €0.4 million relating to minor one-off charges. Other adjustment items that impacted EBIT and PBT relate to: (i) €4.7 million regarding the amortization of intangible assets recognized following "Purchase Price Allocation"; (ii) €14.2 million in adjusted net financial income mainly relating to exchange rate differences from the valuation of foreign currency items, including relative to forward derivative instruments, and realized exchange rate differences. Finally, the Adjusted Net Profit for the period was affected by €3.9 million from the recalculated tax effect following the aforementioned adjustments. Reported net financial debt as of 31 July 2026, amounted to €1,421.3 million, also due to the €1,192.5 million resulting from the application of IFRS 16 and representing the present value of future lease payments. Management believes that approximately €650 million of the €1,192.5 million does not represent a true financial liability, as the Company holds early termination rights.
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16 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. Disclaimer H1 2026 Financial results, 23 September 2026