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AE F F E F ir st Quar te r 2020 Consolidate d F inanc ial Re sults Pr e se ntation 13 th May 2020 1Q 2020 Ke y F ac ts Consolidate d Re ve nue s a t 76.2m (-25.4% a t c urre nt e xc ha ng e ra te s); Consolidate d E DA fo r

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AE F F E F ir st Quar te r 2020 Consolidate d F inanc ial Re sults Pr e se ntation 13th May 2020

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2

1Q 2020 Ke y F ac ts

 Consolidate d Re ve nue s a t € 76.2m (-25.4% a t c urre nt e xc ha ng e ra te s);  Consolidate d E

BIT DA fo r € 8.6m (11.3% o f sa le s), c o mpa re d to a n E

BI T DA o f € 26.6m (26.0% o f sa le s) in 1Q 2019, with a € 18m de c re a se

 Ne t Pr

  • fit for

the Gr

  • up a t 4 tho usa nds o f E

uro , c o mpa re d to a Ne t Pro fit o f 11.840 tho usa nds o f E uro in 1Q 2019, with a 11.8 tho usa nds o f E uro de c re a se

 Consolidate d F

inanc ial De bt ne t of IF RS 16 e ffe c t o f € 57.6m, c o mpa re d to € 34.5m a s o f

31 Ma rc h 2019, with a € 23.1m inc re a se (€ 39.4m a s o f 31 De c e mb e r 2019)

 220 Mono Br

and Stor e s

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Ne t Sale s Br e akdown by Division(1)

20 40 60 80 Prêt à p orter F

  • otwea r & L

e a the r Go o d s

Prêt à porter Footwear & Leather Goods

20 40 60 80 Prêt à p orter F

  • otwea r & L

e a the r Go o d s

(€m) % on T

  • ta l Sa le s

Prêt à porter Footwear & Leather Goods

1Q 2020 1Q 2019

64% 36% (€m) % on T

  • ta l Sa le s

70% 30% (1) Be fo re inte r-divisio nal e liminatio ns (30% )* vs 1Q 2019 (7.9%) * vs 1Q 2019 3 77,9 33.3 54,4 30,7 * At c o nstant e xc hang e rate s 1Q

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20 40 60 80 Al b e rta F e rretti Phi losop hy Mo sc hino Polli ni Others

Ne t Sale s Br e akdown by Br and

20 40 60 80 Al b e rta F e rretti Phi losop hy Mo sc hino Polli ni Others

% on T

  • ta l Sa le s

(51.1%) * (21.3%) * (24.2%) * (35.3%) *

1Q 2020 1Q 2019

Alberta Ferretti Moschino Pollini Philosophy di Lorenzo Serafini Others 70% 3% 12% 11% % on T

  • ta l Sa le s

74% 3% 10% 7% (€m) (€m) 4 1Q * At c o nstant e xc hang e rate s 6% 10% 6% (13.1%) * di Lorenzo Serafini di Lorenzo Serafini 11,0 6,6 71,4 5,4 4,3 56,2 7,9 2,4 10,4 2,6

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0,0 20,0 40,0 I ta ly E uro p e Asi a & RoW Ame ri c a 0,0 20,0 40,0 I ta ly E uro p e Asi a & RoW Ame ri c a

Ne t Sale s Br e akdown by Re gion

Italy (1) Europe Asia & RoW America % on T

  • ta l Sa le s

Italy (1) Europe Asia & RoW America

1Q 2020 1Q 2019

27% 20% 48% 5% % on T

  • ta l Sa le s

(€m) (€m) (2) I taly e xc lude d (21.0%) * (10.7%)* (44.2%) * (31.4%) * 23% 27% 45% 5%

(2) (2)

5 1Q * At c o nstant e xc hang e rate s (1) I T AL Y sale s inc ide nc e o n to tal re ve nue s adjuste d b y fo re ig n c usto me rs e ffe c t and ro yaltie s inc o me is e stimate d e q ual to 36% and 32% in Q1 2020 and in Q1 2019 re spe c tive ly.

(1) (1)

36,5 20,7 15,4 3,6 46,1 23,2 27,8 5,1

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20 40 60 80 Wholesa le Re ta il Ro ya ltie s

Ne t Sale s Br e akdown by Channe l

20 40 60 80 Wholesa le Re ta il Ro ya l ti e s

% on T

  • ta l Sa le s

Wholesale Retail Royalties

1Q 2020 1Q 2019

4% 73% % on T

  • ta l Sa le s

(€m) (€m) 23% (26.6%) * (23.2%) * (16.1%) * Wholesale Retail Royalties 3% 74% 23% 6 * At c o nstant e xc hang e rate s 1Q 75,7 23,3 3,2 55,6 17,9 2,7

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7

Mono-brand Stores Network

DOS F r anc hising

1Q20 F Y19

E uro p e 42 42 Am eric a 2 3 Asia 16 16

T

  • ta l

60 61 1Q20 F Y19

E uro p e 39 40 Am eric a 1 1 Asia 120 122

T

  • ta l

160 163

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8

Inc ome State me nt – 1Q 2020/ 2019

(€m)

1Q 20 1Q 19

Ne t S a le s 76,2 102,2 % c ha ng e (25,4%) Othe r Re ve nue s 2,7 2,8

T

  • ta l Revenues

78,9 105,0

% c ha ng e (24,8%) Ra w Ma te ria ls C o sts (23,4) (30,1) S e rvic e C o sts (26,3) (27,7) C o sts fo r use o f third p a rtie s (1,8) (2,0) Pe rso nne l (17,3) (17,8) Othe r Op e ra ting E xp e nse s (1,5) (0,8) T

  • ta l Op e ra ting E

xp e nse s (70,3) (78,4)

E BIT DA 8,6 26,6

Ma rg in (% o f Ne t sa le s) 11,3% 26,0% De p re c ia tio n a nd Am o rtisa tio n (6,8) (6,7)

E BIT 1,8 19,9

Ma rg in (% o f Ne t sa le s) 2,3% 19,5% Ne t F ina nc ia l I nc o m e / (E xp e nse s) (0,8) (0,8)

P rofit b efore ta xes 1,0 19,1

Ma rg in (% o f Ne t sa le s) 1,3% 18,7% T a xe s (1,4) (6,2)

Net inc ome/ (loss) b efore Minorities (0,5) 12,9

Ma rg in (% o f Ne t sa le s) (0,6%) 12,6% Mino rity I nte re sts 0,5 (1,1)

Net Inc ome/ (L

  • ss) for the G roup

0,0 11,8

Ma rg in (% o f Ne t sa le s) 0,0% 11,6%

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9

Summar y Balanc e She e t

(€m) 1Q 20 F Y 19 1Q 19

Net Wo rking C a p ita l 125,7 107,2 104,0 Net T a ng ib le Assets 63,4 62,8 60,1 Net I nta ng ib le Assets 75,1 76,1 78,7 Net I nta ng ib le Assets fo r Rig hts o f use 106,3 110,7 131,5 Net F ina nc ia l Assets 2,9 2,9 2,9 Severa nc e Sta ff, Pro visio ns & Others (20,3) (20,3) (22,1)

Net Ca pita l Employed 353,1 339,3 355,2

Gro up Sha reho ld ers' E q uity 171,3 171,4 172,8 Mino rities 32,2 32,7 33,3 Sha reho ld ers' E q uity & Mino rities 203,5 204,1 206,1 Net fina nc ia l Deb t 57,6 39,4 34,4 Net fina nc ia l d eb t fo r L ea se lia b ilities 92,0 95,8 114,6

Net F ina nc ia l Debt a nd Sha reholders' Equity 353,1 339,3 355,1

Ac c o unts Rec eiva b les 44,2 41,5 52,9 Ac c o unts Pa ya b les (61,0) (74,3) (60,2) I nvento ry 114,6 112,1 101,5

Opera ting NWC 97,8 79,3 94,2

As % o f L T M sa le s 30,1% 22,6% 26,6% Other C urrent Assets/ L ia b ilities 27,9 27,9 9,8

Net Working Ca pita l 125,7 107,2 104,0

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Summar y Cash F low

(€m) 1Q 20 F Y 19 1Q 19

Net Wo rking C a p ita l 125,7 107,2 104,0 Net T a ng ib le Assets 63,4 62,8 60,1 Net I nta ng ib le Assets 75,1 76,1 78,7 Net I nta ng ib le Assets fo r Rig hts o f use 106,3 110,7 131,5 Net F ina nc ia l Assets 2,9 2,9 2,9 Severa nc e Sta ff, Pro visio ns & Others (20,3) (20,3) (22,1)

Net Ca pita l Employed 353,1 339,3 355,2

Gro up Sha reho ld ers' E q uity 171,3 171,4 172,8 Mino rities 32,2 32,7 33,3 Sha reho ld ers' E q uity & Mino rities 203,5 204,1 206,1 Net fina nc ia l Deb t 57,6 39,4 34,4 Net fina nc ia l d eb t fo r L ea se lia b ilities 92,0 95,8 114,6

Net F ina nc ia l Debt a nd Sha reholders' Equity 353,1 339,3 355,1

Ac c o unts Rec eiva b les 44,2 41,5 52,9 Ac c o unts Pa ya b les (61,0) (74,3) (60,2) I nvento ry 114,6 112,1 101,5

Opera ting NWC 97,8 79,3 94,2

As % o f L T M sa le s 30,1% 22,6% 26,6% Other C urrent Assets/ L ia b ilities 27,9 27,9 9,8

Net Working Ca pita l 125,7 107,2 104,0

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Appe ndic e s

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Inc ome State me nt – F ull Ye ar 2017- 2019

(€m) F Y 19 net of IF RS 16 effec ts 2018A 2017A Ne t Sale s

351,4 346,6 312,6

% c hang e

1,7% 10,9% 11,4%

Othe r Re v e nue s

10,1 5,4 3,8

T

  • tal Re ve nue s

361,5 352,0 316,4 % c hang e

2,8% 11,2% 10,1%

Raw Mate rials Co sts

(115,3) (110,3) (96,1)

Se rv ic e Co sts

(108,3) (100,6) (91,0)

Co st fo r use o f third partie s asse ts

(25,6) (25,4) (23,3)

Pe rso nne l

(72,4) (68,5) (65,3)

Othe r Ope rating E xpe nse s

(3,3) (3,9) (4,1)

T

  • tal Ope rating E

xpe nse s

(324,9) (308,7) (279,8)

E BITDA

36,6 43,3 36,6 Marg in (% o f Ne t sale s)

10,4% 12,5% 11,7%

De pre c iatio n and Amo rtisatio n

(13,0) (13,7) (13,9)

E BIT

23,6 29,6 22,7 Marg in (% o f Ne t sale s)

6,7% 8,5% 7,3%

Ne t Financ ial Inc o me / (E xpe nse s)

(1,0) (0,9) (3,7)

PBT 22,7 28,7 19,0 Marg in (% o f Ne t sale s)

6,4% 8,3% 6,1%

T axe s

(10,0) (11,6) (7,4)

Ne t inc o me be fo re Mino ritie s 12,6 17,1 11,5 Marg in (% o f Ne t sale s)

3,6% 4,9% 3,7%

Mino rity Inte re sts

(0,3) (0,4) (0,0)

Ne t Inc o me fo r the Gro up

12,3 16,7 11,5 Marg in (% o f Ne t sale s)

3,5% 4,8% 3,7%

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13

Company Pr

  • file

Fratelli Ferretti Holding 37% Market 33% Aeffe 6% IM Fashion 24% N° o f sha re s o utsta nding : 107,362,504 Ita lia n Sto c k E xc ha ng e – ST AR Se g me nt Spe c ia list: Me dio b a nc a S.p.A. T ic ke rs: AE F IM (Blo o mb e rg ) AE F MI (Re ute rs), AE F (Bo rsa Ita lia na ) Inve sto r Re la tio ns AE F F E S.p.A Anna lisa Aldro va ndi +39 0541 965494

a nna lisa .a ldr

  • va ndi@ae ffe .c om

www.a e ffe .c o m

Pr ê t- à- por te r division F

  • otwe ar

and le athe r g oods division AE F F E F ASHION GR OUP Chair man: Massimo F e r r e tti Ma na g ing Dire c to r Ma rc e llo T a ssina ri Inve sto r Re la tio n Ma na g e r Anna lisa Ald ro va ndi Huma n Re so urc e s F a usto Ba c c hini Co mmunic a tio n a nd Ma rke ting Chie f Info rma tio n Offic e r Die g o Pic c ia ni, VE L MAR Manag ing Dir e c tor L uc a Gor i Style Pro duc t Sa le s Sa le s Style Re ta il AE F F E Manag ing Dir e c tor Mar c e llo T assinar i Style F inanc e a nd Administratio n Sa le s Pro duc t Pla nning a nd Pro duc tio n Re ta il POL L INI Manag ing Dir e c tor Mar c o Piazzi Style F inanc e a nd Admin. Sa le s Pro duc t Pla nning a nd Pro duc tio n Re ta il Pla nning a nd Pro duc tio n MOSCHINO Manag ing Dir e c tor Ste fano Se c c hi Chie f Exe c utive Offic e r Simo ne Ba d io li

Or ganisational Str uc tur e Owne r ship Str uc tur e Shar e Infor mation Inve stor Re lations

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SLIDE 14

Disclaimer

This presentation is being furnished to you solely for your information on a confidential basis and may not be reproduced or redistributed to any other person. This presentation does not constitute or form part of any offer to sell or invitation to purchase or subscribe for, or otherwise acquire or dispose of any Aeffe S.p.A. securities. This presentation includes forward-looking statements which are based on the Company’s management’s current views with respect to future events and financial and operational performance of the Company and its subsidiaries. These forward-looking statements are subject to risks and uncertainties. In light of these risks and uncertainties, the events described in such forward-looking statements may not occur and any targets or projections may differ materially from those expressed in or implied by these statements due to any number of different factors. You are cautioned not to place undue reliance on the forward-looking statements contained herein, which are made only as of the dater

  • f this presentation. Aeffe S.p.A. 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 Aeffe Group shall not be taken as a representation or indication that such performance, trends or activities will continue in the future.

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