OVS S p A : 1Q23 FINANCIAL RESULTS Presentation

Q1 2023 Financial results

14 June 2023

On 15 June 2023, at 15:00 local time (CEST), a conference call will take place during which the main results for the period ended 30 April 2023 will be presented.

The conference call may be joined by dialing [phone] from Italy, [phone] from the UK, [phone] from the USA (and [phone] for journalists).

Disclaimer

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.

2

Q1 2023 Financial results, 14 June 2023

AGENDA

Q1 2023 Financial results

Outlook

Appendix

Q1 2023 Financial results

OVS maintains a strong momentum thanks to excellent quarterly results

Net sales

€336.5m

+12.2% vs. Q1 2022

EBITDA

€27.5m

+36.3% vs. Q1 2022

EBIT

€11.7m

+107.1% vs. Q1 2022

Net Debt

€250.9m

vs. 265.1m as of 30 Apr 2022

• Net Sales €336.5m, +12.2% compared to Q1 2022, mainly due to the excellent like-for-like performance in a context of growth in stores' traffic. All brands reported a positive trend;
• Market share increases at 9.5%;
• Adjusted EBITDA €27.5m, +36.3% compared to Q1 2022, 8.2% on Net sales increasing from 6.7% of Q1 2022, due to a leverage effect generated by higher sales and a solid gross margin;
• Adjusted EBITDA LTM May 22 - Apr 23 €187.5m, +€7.3m compared to FY2022;
• Adjusted EBIT €11.7m, +107.1% compared to Q1 2022;
• Adjusted Net debt €250.9m and Leverage ratio of the last twelve months down to 1.23x compared to 1.70x of 30 April 2022;
• Year-to-datesales are increasing despite the month of May characterized by unfavourable weather conditions.

4

Q1 2023 Financial results, 14 June 2023

Q1 2023 Key income statement items

Strong increase in EBITDA generated by the operating leverage: higher sales at a solid gross margin

										• Net sales €336.5m, +12.2% compared to Q1 2022, mainly
			Q1 2023		Q1 2022	Change	Change %		thanks to the increase in the like-for-like perimeter and a
€m			context of growth in stores' traffic;
Adjusted		Adjusted	Adjusted	Adjusted
										• EBITDA €27.5m, +€7.3m compared to Q1 2022, thanks to the
Net Sales	336.5	299.9			36.6	12.2%		operational leverage of higher sales at solid gross margin;
											EBITDA margin increases by 144 ppt to 8.2%, reducing the
EBITDA	27.5	20.1			7.3	36.3%
			seasonal gap of Q1 vs. year average;
EBITDA%			8.2%	6.7%				+144ppt
EBIT			11.7		5.7			6.1	107.1%	•	EBIT €11.7m, +107.1% compared to Q1 2022, benefitted from
EBIT%			3.5%		1.9%				+160ppt		higher EBITDA;
PBT	7.7	0.7			7.0	975.6%	• Further reduction in interest expense thanks to deleverage
Adjusted results do not reflect the application of IFRS16 and non recurring items.
			drives PBT at €7.7m, from pure breakeven in Q1 2022.
€m			FY2022	LTM April 23
										• LTM EBITDA April 2023 reaches €187.5m, with a margin
Net sales		1,512.7		1,549.3
			above the 12%, confirming the growth trend on both
EBITDA		180.2		187.5
			absolute value and profitability ratio.
EBITDA%		11.9%		12.1%

5

Q1 2023 Financial results, 14 June 2023