6m 2026 RESULTS
CONFERENCE CALLTURIN
31ST JULY 2026
- 1 -INDEX
01 EXECUTIVE SUMMARY
02 NETWORK ACTIVITY 6m 2026
03 GROUP INTERIM RESULTS 6m 2026
01EXECUTIVE
SUMMARY
- 3 -EXECUTIVE SUMMARY PERFORMANCE
CONSOLIDATED
REVENUES
216,4 m€
in H1 2026
+25,4%
vs Y-1NFP WITH BANKS
-146,2 m€
in H1 2026
+26,3 m€
in H1 2025
EBITDA
9,1 m€
in H1 2026*
-39,5%
vs Y-1*
AGGREGATED SALES
OF LICENSEES
453,1 m€
in H1 2026
+15,4%
vs Y-1
* DATA PRO -FORMA
- 4 -EXECUTIVE SUMMARY PERFORMANCE
CONSOLIDATED
REVENUESNFP WITH BANKS
EBITDA
AGGREGATED SALES
OF LICENSEES
ASL increased from 392,7to453,1m€, partially benefitting from theadditional direct sales ofnewly acquired brands .
Performance varies across different brands and geographies, asEurope (+19,6%)–mostly directly operated by the Group –issteadily the most relevant market .Consolidated revenues, including direct sales of188,7m€ (+37,4%Y-o-Y, +9,4%atlike-for-like) and royalties of
27,2m€(vs34,7m€inH12025 ),
overall report a25,3%growth as compared to2025 .Expansion and rationalization ofthe direct retail network continues while e-comm reports astrong performance .EBITDA at9,1m€(H125pro-forma, net ofcosts related toK-Way
transaction, wasat15,1m€)asseveral
right-sizing actions atWoolrich and Sundek will produce their run-rate effect starting fromQ3(personnel severance, right-sizing ofdirect retail, closure ofWoolrich HQandshowroom, synergies onG&A, …)NFP with banks increasing to146,2m€ asH1cash absorption isneeded to fund TWC, especially inrelation tothe new Brands .Over thesemester, the Group has paid 1,6m€ofdeferred price from the Sebago France acquisition andthefinal earn-outforK-
Way France (5,3m€) inaddition to distributing dividends for7,6m€.1H REPORTS ANINCREASE INCONSOLIDATED REVENUES BY25,4% ( WOULD BE5,5% NET OFWOOLRICH ANDSUNDEK ).
EBITDA AT9,1 M€ ASNFP WITH BANKS SLIGHTLY EXCEEDS 146 M€ FOLLOWING REGULAR TWC SEASONALITY AND
INVESTING ACTIVITY ONDIRECT RETAIL AND REAL ESTATE .
02NETWORK ACTIVITY
6m 2026
141,2 174,4 153,4 162,1 174,3
109,1 453,1
392,7 390,3 396,2 393,5
334,0
H1 2026 H1 2025 H1 2024 H1 2023 H1 2022 H1 2021
- 6 -NETWORK ACTIVITY H1 2026
AGGREGATED SALES
€ 453,1 MLN
H1 2026 ASL (+15,4% vs Y -1)
€ 141,2 MLN
H1 2026 ASSC ( -19,1% vs Y -1)
- 7 -NETWORK ACTIVITY AGGREGATED SALES
BY GEOGRAPHY
AMERICAS
€ 15,9 MLN
-18,8%EUROPE
€ 374,3 MLN
+19,6%
MIDDLE EAST & AFRICA
€ 41,0 MLN
+6,3%ASIA & OCEANIA
€ 21,9 MLN
+2,1%
€ 453,1 MLN
H1 26 ASL+15,4%
VAR VS H1 25 (392,7 M€)
- 8 -NETWORK ACTIVITY KAPPA
Q2 2026
The collaboration between Kappa and HOLLISTER brings together Kappa’s sportswear heritage withCalifornia -inspired aesthetic .
The collection explores anew vision of casualwear, where European streetwear meets American lifestyle to create afresh, contemporary offering designed forayoung and global audience .Kappa strengthens itspositioning within the European streetwear landscape through a collaboration with Snipes, one ofthe most relevant retailers forthenew generations .
This partnership isdesigned toexpand the brand’s reach, engage ayounger audience, and reinforce ourpresence inthemost influential urban environments .TheWorld Cup isaglobal moment andaunique opportunity forvisibility, butKappa isavoiding thegeneric, telling astory that isauthentic and grounded .Assponsor oftheTunisia National Football Team, Kappa celebrates the team’s heritage while connecting sport, style, and culture ontheworld stage .Astrategic co-branding capsule blending Kappa andBudweiser foralimited seasonal drop.The collection celebrates the long-standing relationship between theiconic Banda and the world offootball, merging heritage, sport, and culture intoadistinctive releaseThe label that blends Kappa’s football heritage with astreetwear aesthetic, unveiled itsnew Spring/Summer 2026 collection, accompanied by acampaign set inPalermo .The collection features sportswear pieces inspired bytheworld offootball, alongside aselection influenced by
themotorsport universe .KAPPA X HOLLISTER KAPPA X SNIPES TUNISIA NATIONAL TEAM KAPPA X BUDWEISER KAPPA X JUNYA
WATANABE
- 9 -NETWORK ACTIVITY SUPERGA
Q2 2026
AttheRizzoli Bookstore inMilan onJune 3.The event featured aconversation with editor Maria Luisa Frisa, Giovanni Audiffredi ,Lorenzo Boglione, and writer Gianni Montieri .Following the presentation, the brand celebrated the launch with anexclusive dinner forpress and talents atGiacomo Rosticceria .Philippine Leroy -Beaulieu, thecelebrated French actress, brings Superga toCannes instyle.
The style icon was spotted attheairport in Cannes wearing apair ofSuperga 1925 sneakers :atribute toItalian style, effortlessly combining elegance and comfort .Superga confirms itself asasymbol oftimeless elegance, continuing tobechosen and reinterpreted by numerous celebrities, once again seen onthe feetofaninternational star.Superga®and Mrs.Françoise reinterpreted the iconic 2750 sneaker with natural cotton and handcrafted striped bows forarefined, feminine look.The collection also includes aMini Me version, allowing women and girls toshare the same style.Tocelebrate thelaunch, thebrands hosted the“Estate Italiana ”seaside lunch at Bagno Principe inForte deiMarmi, bringing the collection tolifethrough timeless Italian style, coastal rituals, andeffortless elegance .
SUPERGA® PRESENTED
CODICE SUPERGACELEBRITY & KOL
SEEDINGSUPERGA®X
MRS. FRANCOISE
Superga joins forces with Anita Hass ina collaboration thatblends timeless Italian heritage with contemporary Scandinavian style.The partnership reimagines aniconic classic through amodern, effortless lens, celebrating versatility, authenticity, andunderstated elegance .SUPERGA X ANITA HASS During the2026 Internazionali BNL d’Italia in Rome, Superga®hosted Ariviere ,Blanca Arimany, Giorgina Clavarino ,and Sveva Clavarino forathree -dayexperience combining tennis matches with curated local experiences, celebrating thebrand’s Made inItaly heritage .1925 MADE IN ITALY -
ROME ACTIVATIONS
- 10 -NETWORK ACTIVITY K-WAY
Q2 2026
SALONE DEL MOBILE CERVINIA SKYWAY
On the occasion of Chelsea in Bloom in London , K-Way partnered with Petersham Nurseries to create a capsule of two jackets, bringing the project to life through a floral window installation and a series of in-store activations .
The event schedule included an exclusive breakfast and floral workshop for selected London KOLs on May 19th, followed by an in-
store florist gifting bouquets to purchasing customers on May 22nd and 23rd.
CHELSEA IN BLOOM
From June 15toJuly 5,K-Way executed a widespread urban activation inMarseille to reinforce itssummer presence .
The project took place across twocentral and complementary touchpoints, involving the Noctilio Boat forseaexcursions, sailing, andon-
the-water entertainment experiences, alongside the Café delaConsigne ,apublic space transformed intoadaily gathering point .K-Way has signed astrategic three -year partnership withWakeparadise Milano toexpand the"Stay Wet Identity" intothesummer sunand surflifestyle .
Tolaunch thecollaboration, thebrand executed afulltakeover ofthevenue during anexclusive event onJune 18th,blending surfsessions with asunset social gathering toconnect athletic movement withurban lifestyle .WAKE PARADISE
TAKEOVERMARSEILLE ACTIVATION
Incollaboration with Flock Together, aLondon -
based collective blending birdwatching, culture, and outdoor inclusivity forcreatives and urban explorers, K-Way hosted aspecialactivation on April 11th.
The experience began with thepicnic atRoyal Avenue, anoutdoor gathering for30guests featuring adedicated K-Way set-upand a custom LeVraiClaude jacket .
Afterwards, theactivation moved totheK-Way store onKing's Road, wrapping upthedaywith anexclusive DJset.Asofficial sponsor ofSalone delMobile inMilan, K-Way developed anartistic andurban project in collaboration withBianca Felicori ,featuring nylon installations across five iconic Milanese buildings .
The partnership came tolife through a customized pop-up newsstand inPiazza Sant'Eustorgio and the transformation ofthe Corso Garibaldi flagship store intoanexhibition space .
Tocomplete theactivation, thebrand launched thededicated capsule collection "AMatter of Salone" ,distributed across both physical channelsand online .
- 11 -NETWORK ACTIVITY SEBAGO
Q2 2026
To celebrate its 80th anniversary , Sebago launched a dedicated boat tour, bringing its iconic boat shoe to some of Europe's leading cities, including Milan, Amsterdam, Florence and Paris . Through this journey , the brand paid tribute to its rich heritage and enduring legacy, showcasing the timeless craftsmanship , authenticity and nautical spirit that have defined Sebago for eight decades .Sebago returns to its roots with the launch of its first Made in USA capsule collection . Featuring the iconic Docksides and a selection of accessories —including an agenda holder, catchall tray, keyring and coasters —each piece is crafted from the same premium leather, reinforcing the brand’s commitment to authenticity , craftsmanship and heritage .The new capsule collection with ANATOMICA, celebrates a shared vision of timeless American style and enduring craftsmanship . Centered around a handsewn loafer , the collaboration reinterprets a heritage silhouette through ANATOMICA's distinctive perspective , combining authenticity , meticulous craftsmanship and lasting design .Sebago unveils itsfirstcollaboration with Quaker Marine, bringing together two iconic American brands united byashared coastal heritage anda passion fortimeless craftsmanship .The capsule features four exclusive versions ofQuaker Marine's signature Swordfish Cap, allMade in USA, alongside agraphic T-shirt andatotebag, celebrating anauthentic nautical spirit and a legacy rooted inlifeonthewater .Sebago further strengthens its connection to the world of rowing through its partnership with Bates College in Maine . As the college crew competed at the prestigious Henley Royal Regatta, the brand proudly outfitted the team off the water, celebrating a shared heritage rooted in craftsmanship , authenticity and a long-standing connection to the rowing world .
SEBAGO BOAT TOUR CAPSULE MADE IN USA SEBAGO X ANATOMICA SEBAGO X
QUAKER MARINEBATES COLLEGE
- 12 -NETWORK ACTIVITY WOOLRICH - SUNDEK
Q2 2026
Woolrich participated inPitti Uomo 110 in Florence, presenting theSS27collection .
The event highlighted the brand's outdoor heritage andlatest product developments .
Dedicated meetings with buyers, media and partners further strengthened industry relationshipsWoolrich supported The Arctic Observatory, an Arctic expedition ledbyMatteo Cibic .Theproject focused onexploring and documenting the biodiversity oftheSvalbard Islands, highlighting thebrand's outdoor spirit .
During the expedition, Woolrich garments accompanied Cibic throughout hisArctic journey .Woolrich will launch the Mountain Blankets Project across selected alpine destinations, including ElBrite inCortina andBellavista inSt.
Moritz .Theinitiative willfeature custom -designed blankets anddedicated visibility elements, while dedicated experiences will be organized, reinforcing thebrand's connection tomountainSundek took partinPittiUomo 109(16-19June), presenting itsSS2027 collection atone ofthe leading international events formenswear .
Avariety ofevents were also organized forthe occasion, including apress conference to present thecompany's strategies following the acquisition, followed byacocktail receptionSundek held ashooting campaign inSanta Teresa, Costa Rica, featuring local talent and surfers .
The shooting was photographed byEzequiel Rivero, arenowned photographer inthesurfing andlifestyle world .
WOOLRICH - PITTI ARCTIC OBSERVATORY
PROJECTMOUNTAINS BLANKETS
PROJECTSSUNDEK – PITTI SHOOTING CAMPAIGN IN
COSTA RICA
03GROUP INTERIM
RESULTS 6m 2026
188,7
137,327,2
34,70,5
0,6 6m 2026 6m 2025
- 14 -GROUP INTERIM RESULTS H1 2026
CONSOLIDATED REVENUES
€ 27,2 MLN
NET ROYALTIES
-21,3% VS H1 2025€ 188,7 MLN
DIRECT SALES
+37,4% VS H1 2025€ 0,5 MLN
REAL ESTATE REVENUES
-23,0% VS H1 2025
+37,4%-21,3%-23,0%
+9,4%
15,1 15,1 44,1
36,7
18,2 18,2
11,3 9,1 9,1 36,2 (7,2)
(7,3)
(18,5)
2,6
(9,5)
(2,2)
EBITDA
H1 2025EBITDA
H1 2026CONSOLIDATED
MARGINSROYALTIES SPONSORSHIP
& MKTG&A OTHER FULFILLMENT
COSTSLABOUR
COST
- 15 -GROUP INTERIM RESULTS EBITDA WALK
OPERATING
CASH FLOWACQUISITIONS DIVIDEND CAPEX TREASURY
SHARESNFP WITH BANKS
YE 2025NFP WITH BANKS
H1 2026(102,3)
-21,4 M€
OPERATING CASH FLOW
NEGATIVE CASH FLOW DRIVEN BYTHEH1
DYNAMICS OFTRADE WORKING CAPITAL (NET CASH
ABSORPTION OF25,8 M€) MOSTLY DUE TOTHE
USUAL SEASONALITY OFBUSINESS COMBINED WITH
THE ALIGNMENT OFWOOLRICH PAYMENT
CONDITIONS TOGROUP STANDARDS .-15,5 m€
CAPEX
CAPEX OFTHE PERIOD MOSTLY INCLUDED THE
ACQUISITION OFTHE NEW VIAPADOVA BUILDING
(2,3 M€), RENOVATION WORKS ATBASICVILLAGE
(3,8 M€), RETAIL EXPANSION (2,3 M€) AND
INVESTMENTS INTHEIT INFRASTRUCTURE (2,9
M€).-6,8 m€
ACQUISITIONS
PAYMENT OFTHE FINAL K-WAYFRANCE EARN -OUT
(5,3 M€) AND SETTLEMENT OFTHE BALANCE OF
SEBAGO FRANCE PURCHASE PRICE TOARE&
WHY(1,6 M€). A NADDITIONAL PAYMENT UPTO
1,0 M€ WILL BEDUE INQ1 27. -28,1 m€
OTHER
PURCHASES OFTREASURY SHARES ASUSUAL
BUSINESS . PAYMENT OFIFRS 16 DEBT WITH A
SURGE VSH1 25 (11,4 M€ VS5,1 M€) WITH THE
INCLUSION OFWOOLRICH ANDSUNDEK WITHIN
THE PERIMETER (RESPECTIVELY , 3,8 M€ AND1,1
M€). W OOLRICH CASH -OUT INCLUDES 1,2 M€ OF
PAYMENTS RELATED TOAGREEMENTS ALREADY
TERMINATED .(21,4)
(15,5)
(6,8)
(7,1)
(11,4)
(9,6)(74,4)
IFRS16
PAYEMENT(146,2)GROUP INTERIM RESULTS NFP WALK
- 16 -
COMMERCIAL LICENSEES ORLICENSEESINDEPENDENT BUSINESS OWNERS , GRANTED LICENSES TODISTRIBUTE GROUP BRAND PRODUCTS INTHEIR
RESPECTIVE REGIONS
PRODUCTIVE LICENSEES ORSOURCING CENTERSTHIRD -PARTY ENTITIES WHOSE FUNCTION ISTOMANUFACTURE GOODS BRANDED WITH THEGROUP BRANDS
FOR THE EXCLUSIVE SALE TOCOMMERCIAL LICENSEES ORTOGROUP COMPANIES
TOTAL AGGREGATED SALES (TAS)THE SUM OFAGGREGATED BRAND SALES (ASL) ANDAGGREGATED SALES OFSOURCING CENTERS (ASSC)
AGGREGATED BRAND SALES (ASL)SALES BYCOMMERCIAL LICENSEES –THAT GENERATE ROYALTIES FORBASICNETGROUP –AND SALES BY
THEGROUP COMPANIES
AGGREGATED SALES OFSOURCING CENTERS (ASSC)SALES BYPRODUCTIVE LICENSEES –THAT GENERATE SOURCING COMMISSIONS FORBASICNETGROUP
CONSOLIDATED REVENUESTHE SUM OFROYALTIES , SOURCING COMMISSIONS , SALES OFPRODUCTS MADE BYBASICNETGROUP
COMPANIES AND REAL ESTATE REVENUES
EBITDA“OPERATING RESULT ” BEFORE “AMORTISATION AND DEPRECIATION ”
ADJUSTED EBITDAEBITDA PRO-FORMA NET OFEXTRAORDINARY NON-RECURRING ITEMS AND COSTS
NETFINANCIAL POSITIONTOTAL OFCURRENT AND MEDIUM /LONG -TERM FINANCIAL PAYABLES , LESS CASH AND CASH EQUIVALENTS AND
OTHER CURRENT FINANCIAL ASSETS
NETFINANCIAL POSITION WITH BANKSNETFINANCIAL POSITION , EXCLUDING IFRS 16 AND FINANCIAL LIABILITIES FOR THE ACQUISITION OF
BUSINESSESGLOSSARY AND AP MEASURES
- 17 -