H1 202 6 Financial results , 23 September 2026 1 FIRST HALF 2026 WITH STRONG GROWTH
NET SALES +11% AND EBITDA +12%,
NET FINANCIAL POSITION IMPROVING BY €54 MILLION
The Board of Directors of OVS S.p.A. has approved the consolidated results for the first half of 2026, which confirm a very positive trend across all the group's brands alongside excellent operational effectiveness.
On a organic perimeter(1), net sales reached €825.4 million (+6.1% compared to the first half of 2025), following a second quarter that maintained excellent growth (+4.9%). Adjusted EBITDA rose to €114.1 million (+17.5% , equal to an increase of €17.0 million ), bringing the EBITDA margin from 12.5% to 13.8% (+135bps ).
The integration of Goldenpoint is proceeding successfully. In the first half of 2026, sales grew by over 10% compared to the same period in 2025, with a positive EBITDA .
On a consolidated basis, net sales reached €877.4 million (+10.7% compared to the first half of 2025) with an adjusted EBITDA of €114.3 million (+12.3% ).
The cash profile for the semester shows an improvement of €15.3 million . Adjusted net debt therefore drops to 240.1 million euros, down €53.6 million compared to the €293.6 million as of 31 July 2025, leading to a further significant improvement in the leverage ratio.
The second half of the 2026 financial year opened satisfactorily . To date, autumn season sales are in line with those of the last two years, which had been very robust. The reception of the new collections has been very good, in particular the performance of our brands, confirming expectations for a favorable second period.
The largest OVS flagship store opened in Dubai in early September with a very positive initial performance despite the currently well- known difficult geopolitical situation.
(1) Comparable perimeter excluding Goldenpoint, consolidated starting from July 2025.
H1 202 6 Financial results , 23 September 2026 2 Comments from the Chief Executive Officer, Stefano Beraldo “In the first half of 2026, all brands grew, mainly thanks to the increase in like -for-like sales; indeed, the group continues to outperform the apparel market , which grew by 1.5% in the period.
This trend confirms the validity of our positioning based on quality, stylistic research, and sustainability , elements that have elevated the perceived value of the brands, effectively intercepting a growing demand for quality products at an accessible price.
OVS continued to work on developing and enhancing its portfolio of brands, each with a distinct identity and aimed at different customer targets. Examples include the extension of PIOMBO into the Tech and Contemporary lines and the second Les Copains collecti on, which focuses on relaxed and versatile elegance, designed for women's everyday wear but with a chic touch. The further growth of the B Angel and Utopja collections, aimed at younger customers, is confirmed and represents enormous potential. The expansi on of Altavia continues with the Studio collections dedicated to activewear and leisurewear, in addition to the hiking and sailing offering. Overall, sales growth was most significant in the offering aimed at the women's segment, both in clothing and beaut y, the latter supported not only by the good performance within OVS stores but also by the opening of Shaka stand -alone stores.
Upim continued its growth path also through new openings in city -center locations, with a richer and higher -quality offering and image.
Stefanel 's performance was also very positive; its strategy, focused on continuous qualitative evolution and distinctive stylistic content, was rewarded by a clientele attentive to product value.
Thanks to the significant increase in the commercial margin and the constant control of all costs, organic EBITDA increased by €17 million (+18%) over the same period.
Goldenpoint , which entered in the group perimeter in July 2025, closed the first half of 2026 with very positive results. The more contemporary offering, consistent with customer expectations, combined with the renewal of the store concept, made more attractive, supported sales performance with growth exc eeding 10% compared to the same period in 2025. This, combined with an increasing commercial margin favored by purchasing synergies, brought the EBITDA of Goldenpoint alone into positive territory, compared to a loss of a few million Euros recorded in the same period of 2025.
Also noteworthy is the excellent cash flow trend , which recorded an improvement of €15.3 million compared to the first half of 2025, driven mainly by EBITDA growth. " Business outlook and current trading The Italian apparel market is showing good resilience despite inflationary pressures. This, combined with initiatives related to the product, brands, the development of the group's banners, and the expansion of the store network, continues to drive sales growth.
The financial and capital solidity and the success of the collections – primarily those aimed at female customers, the core of the offering – have allowed the group to focus more heavily on internationalization. This path led to the opening on September 3rd of the world's largest OVS flagship store inside the Dubai Mall, one of the most prestigious international showcases, allowing the group to fully express the uniqueness of its "House of brands" model and introduce it to an international audience. The initial results are very positive.
Expectations for the second half of the year are therefore favorable , supported by the good reception of the autumn collections. Margins will be able to benefit from the appreciation of the Euro against the Dollar, while no significant negative impacts are seen or expected in other operating costs.
H1 202 6 Financial results , 23 September 2026 3 The forecast for cash generation for the full 2026 financial year is therefore confirmed, showing further improvement compared to the €90 million of the 2025 financial year.
Main financial results
Net sales
Net sales for the first half of 2026, amounting to €877.4 million, grew by 11.0% compared to the same period in 2025. In the perimeter excluding Goldenpoint, growth was 6.1% compared to a reference market increase of +1.5%.
At the distribution channel level, direct store sales amounted to €716.9 million (+11.0% compared to the first half of 2025, corresponding to growth excluding Goldenpoint of +5.9%), while the franchising and B2B channel recorded revenues of €160.5 million (+9.0% compared to the first half of 2025 and equal to growth excluding Goldenpoint of +6.9%).
OVS and Upim both saw a sales increase of +6.1%.
Goldenpoint recorded sales of €52.1 million in the first half of 2026, up approximately 11% compared to the same period in 2025; please note that the company entered the group's consolidation perimeter starting from July 2025, contributing €14.6 million to sales in the first half of 2025.
The table presents the main Adjusted economic and financial results in order to reflect the Group's operating performance net of non- recurring events, items unrelated to core operations, and the application of the IFRS 16 accounting standard.
For details on the reconciliation items between reported and adjusted results, please refer to the Appendix section of the document. €mH1 2026
AdjustedH1 2025
AdjustedH1 2026
Adjusted
Excl. GPH1 2025
Adjusted
Excl. GP
Net Sales 877.4 792.9 84.5 10.7% 825.4 778.3 47.2 6.1% Gross Margin 545.2 480.9 64.3 13.4% 507.7 470.0 37.7 8.0% Gross Margin % 62.1% 60.7% +149bps 61.5% 60.4% +112bps
EBITDA 114.3 101.7 12.5 12.3% 114.1 97.1 17.0 17.5%
EBITDA% 13.0% 12.8% +19bps 13.8% 12.5% +135bps
EBIT 76.7 69.2 7.5 10.8%
EBIT% 8.7% 8.7% +1bps
PBT 68.7 60.8 7.9 13.0%
Net Income 49.1 45.6 3.5 7.7%Change Change
H1 202 6 Financial results , 23 September 2026 4 Stefanel stands out, achieving sales growth of 31% during the period, of which 11% was on a like -
for-like basis.
EBITDA
In the first half of 2026, the group recorded an adjusted EBITDA of €114.3 million, up 12.3% compared to the same period in 2025. In the perimeter excluding Goldenpoint, EBITDA went from €97.1 million to €114.1 million, an increase of €17.0 million (+17.5%), with the EBITDA margin rising from 12.5% to 13.8% (+135bps).
At brand level, OVS's EBITDA stood at €93.0 million (+15.1%), with an EBITDA margin of 15.1%, while Upim's rose to €22.8 million (+20.5%), with an EBITDA margin of 11.9%.
Goldenpoint's result was notable, achieving a positive EBITDA in the first half of 2026, improving by over €4 million compared to the same period in 2025; please note that the company entered the group's consolidation perimeter starting from July 2025, the most significant month, contributing €4.7 million to the EBITDA of the first half of 2025.
Net result
Adjusted net profit stood at €49.1 million, recording a growth of 7.7%. This result was supported by the improvement in EBITDA, despite discounting a temporary increase in the applied theoretical tax rate deriving from changes in the fair value of currency hedging instruments recorded in the half -year, which is expected to normalize during the financial year.
H1 202 6 Financial results , 23 September 2026 5 Summary Balance Sheet
Cash flow statement The Net Cash Flow for the first half of 2026, which shows a cash absorption in line with the normal seasonality of the business, recorded an improvement of €15.3 million compared to the first half of 2025: this result was driven by EBITDA growth combined with favorable working capital dynamics.
The table presents the Reported and Adjusted statement of financial position in order to reflect the Group's financial position net of the application of the IFRS 16 accounting standard, and reclassifying liabilities for returns under IFRS 15 within Operat ing Working Capital components.
The table presents the adjusted cash flows in order to reflect the Group's operating performance net of non -recurring events and items unrelated to core operations, net of the application of the IFRS 16 accounting standard, and reclassifying liabilities for returns under IFRS 15 within Operating Working Capital components. €m31 Jul 2026
Reportedof which
IFRS 16
impactof which
IFRS 15
reclass31 Jul 2026 Adjusted31 Jul 2025
Reportedof which
IFRS 16
impactof which
IFRS 15
reclass31 Jul 2025
Adjusted
Trade Receivables 100.5 0.0 28.8 71.7 108.2 0.0 28.0 80.2 Inventory 510.0 0.0 0.0 510.0 550.6 0.0 0.0 550.6 Trade Payables (376.3) 0.0 0.0 (376.3) (421.3) 0.0 0.0 (421.3) Trade Working Capital 234.2 0.0 28.8 205.4 237.5 0.0 28.0 209.5 Other assets/(liabilities) (144.6) (3.8) (28.8) (111.9) (124.4) (4.9) (28.0) (91.6) Net Working Capital 89.6 (3.8) 0.0 93.4 113.0 (4.9) 0.0 117.9 Tangible and Intangible Assets 2,322.4 1,083.9 0.0 1,238.5 2,255.3 1,021.1 0.0 1,234.2 Net deferred taxes (26.0) 7.3 0.0 (33.3) (19.5) 7.0 0.0 (26.5) Other long term assets/(liabilities) (17.5) 11.7 0.0 (29.2) (15.9) 11.7 0.0 (27.6) Pension funds and other provisions (32.3) 0.0 0.0 (32.3) (33.8) 0.0 0.0 (33.8) Net Capital Employed 2,336.3 1,099.0 0.0 1,237.2 2,299.1 1,034.9 0.0 1,264.2 Net Equity 914.9 (93.5) 0.0 1,008.4 871.8 (88.1) 0.0 959.9 Net Financial Debt 1,421.3 1,192.5 0.0 228.8 1,427.3 1,123.0 0.0 304.3 Total source of financing 2,336.3 1,099.0 0.0 1,237.2 2,299.1 1,034.9 0.0 1,264.2 €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 O ther 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 Tax and others (19.3) (18.4) (0.9) Net Cash Flow excluding M&A, dividends and buybacks(50.2) (65.5) 15.3
H1 202 6 Financial results , 23 September 2026 6 Net financial position As of 31 July 2026, both adjusted net financial debt and leverage ratios closed showing improvement compared to 31 July 2025.
During the period, the group allocated €33.9 million to the distribution of dividends and €10.2 million to the purchase of treasury shares, marking an increase in resources dedicated to Shareholders of €7.8 million compared to the first half of 2025.
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.
Treasury shares
Treasury shares in the portfolio as of 22 September 2026 were n. 13,220,430, equal to 5.184% of the share capital.
€m 31 July 2026 31 July 2025 Change Net Debt adjusted for MtM hedging instruments and IFRS16240.1 293.6 (53.6) Leverage on EBITDA Net Debt adjusted / EBITDA Adjusted last 12 months1.04x 1.41x (0.37)x Average leverage last 12 months on EBITDA Average Net Debt adjusted of last 12 months / EBITDA Adjusted last 12 months1.14x 1.26x (0.11)x Net Debt reported 1,421.3 1,427.3 (5.9)
H1 202 6 Financial results , 23 September 2026 7 Other information
Company information
OVS S.p.A. is a registered Italian company (VAT no. 04240010274), with its registered office in Venice-
Mestre (Italy). OVS S.p.A. shares have been listed on Euronext Milan (formerly the Milan Electronic Stock Market) since March 2, 2015.
Please note that OVS S.p.A. has opted to adopt the opt-out regime set forth in Articles 70, paragraph 6 and 71, paragraph 1 of the Issuers' Regulation, as indicated in the prospectus.
Half Year Financial Report as of 31 July 2026 OVS S.p.A. announces that, in accordance with the provisions of Article 154-ter, paragraph 2, of Legislative Decree No. 58 of February 24, 1998, the Half -Year Financial Report as of 31 July 2026, accompanied by the limited audit report from the independent auditors, will be made available to Shareholders and the public at the Company's registered office, on the Company's website www.ovscorporate.it in the "Investors/Results" section, as well as at the authorized storage mechanism "1Info" at www.1info.it within the legal deadlines.
Declaration of the Manager Responsible for Preparing the Company's Financial Reports The manager responsible for preparing the company's accounting and corporate documents, Dr. Nicola Perin, declares, pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Finance (TUF), that the accounting information contained in this press release corresponds to the document results, books, and accounting records.
Conference call
Tomorrow , Thursday 24 Septembe 2026 at 12:00 local time, a conference call with analysts and investors will be held to present the main results for the period ended 31 July 2026.
It will be possible to follow the conference call at the following link:
https://services.choruscall.it/DiamondPassRegistration/register?confirmationNumber=5668086&linkSecurityString=dc8720408
A presentation will be available and downloadable from the Company's website at:
https://www.ovscorporate.it/investors/comunicati- stampa -e-presentazioni Upcoming Events in the Financial Calendar Tuesday, 15 December 2026 - Additional periodic financial information relating to the third quarter of 2026 For further information
Investors
www.ovscorporate.it
Investor.relations@ovs.it
Press
F.steiner@barabino.it
Disclaimer
• The information presented in this document has not been audited;
• This document may contain "forward- looking statements" relating to future events and operating, economic, and financial results of OVS. Such forecasts, by their nature, entail a component of risk and uncertainty, as they depend on the occurrence of future events and developments. Actual results may differ significantly from those announced due to a multiplicity of factors.
H1 202 6 Financial results , 23 September 2026 8 Appendix
The table 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 r ecognized 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. €m31 Jul 2026
ReportedReclass
income from
r
entsof which
IFRS 16 Impactof which non recurringof which
Stock Option,
D
erivatives,
PPA, Forex31 Jul 2026 Adjusted31 Jul 2025
ReportedReclass
income from
r
entsof which
IFRS 16 Impactof which non recurringof which
Stock Option,
D
erivatives,
PPA, Forex31 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 - 8 7.3 - 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