Intercos S p A : Earning Call Q1 2023

May 4TH 2023

1Q23 RESULTS

Disclaimer

IMPORTANT NOTICE

This presentations is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.

This presentation might contain certain forward-looking statements that reflect the Company's management current views with respect to future events and financial and operational performance of the Company and its subsidiaries.

These forward-looking statements are based on Intercos current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Intercos to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein which are made only as of the date of this presentation. Intercos does not undertake 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 Intercos shall not be taken as a representation or indication that such performance, trends or activities continue in the future.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group'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 Intercos.

Intercos 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.

Pietro Oriani, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no.58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records.

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Agenda

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1Q23 Results overview

€m Revenues

Adj. EBITDA

1Q23

234.6

29.8

1Q22

174.6

19.1

% vs 1Q22

Rep FX	c FX
34%	33%
56%

Adj. EBITDA %	12.7%	10.9%
Net Debt	96.7	154.8
Net Debt/EBITDA		0.73x		1.48x

• 1Q23 Net Sales amounted to €234.6m (+34% at reported FX , and +33% at constant FX), increasing by €59.9m compared to 1Q22. Strong performances of American and European customers continued. In terms of business units, Make-up and Hair&Body were the ones growing the most. Supply chain improvement together with the increase in inventories recorded in 2022, allowed to improve production feasibility in all the factories around the world, accelerating deliveries to customers.
• 1Q23 Adjusted EBITDA was equal to €29.8m (+56% vs. 1Q22), growing by €10.7m vs. last year. The increase was also driven by higher profitability vs. last year, which reached 12.7%, +177Bps vs.1Q22.
• 31Mar23 Net Debt stood at €96.7m, reflecting €58.1m improvement vs. 31Mar22. Leverage ratio (Net Debt on LTM Adjusted EBITDA) amounted to 0.73x (decreasing by more than 50% vs. a year ago).

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1Q23 Revenues by BU's

	1Q23	FY22		1Q22
Hair & Body		Hair & Body		Hair & Body
	23,3%		18,8%			20,4%
Skincare	13,7%	63,0%	Skincare 15,7%	65,5%	Skincare	17,0% 62,5%	Make Up
	Make Up			Make Up

	€m		1Q23		1Q22		% vs 1Q22
	Revenues	234.6	174.6	34%
	Make Up	147.8	109.2	35%
	Skincare	32.1	29.8	8%
	Hair & Body	54.7	35.6	53%

• Make-upsharp growth continued (+35% in 1Q23). The growth came from all commercial areas and type of clients and characterized all market segments (i.e. prestige and mass).
• Skincare growth in 1Q23 was mainly driven by US good performance.
• Hair & Body net sales increased significantly in 1Q23. As already anticipated, thanks to the new agreements signed with some new brands, including Dolce&Gabbana Beauty, good growth rates are expected in the medium term.

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