Geox S p A : Group - 1Q23 Sales

PRESS RELEASE - Q1 2023 SALES

• GEOX CONTINUESTO GROW IN 2023:

1. SALES OF EURO 223.7 MILLION IN THE FIRST QUARTER (+21.3% AT CURRENT FOREX) THANKS TO STRONG SS23 ORDER INTAKE AND

AN EASY COMPARISON BASE

1. COMPARABLE SALES GENERATED BY DIRECTLY-OPERATED STORES (PHYSICAL AND ONLINE) IN THE FIRST QUARTER UP 3.5%

COMPARED TO 2022 (+1.4% VS 2019), +4.3% TO DATE (+3.8% VS 2019)

1. WORKING CAPITAL OF EURO 142 MILLION (104.1 AT THE END OF MARCH 2022), ACCOUNTING FOR 18.3% OF REVENUES (16.1% AT

THE END OF MARCH 2022)

• 1. NET FINANCIAL POSITION (PRE-IFRS16) EQUAL TO EURO -97.8 MILLION (-58.0 AT THE END OF MARCH 2022) DUE TO THE SEASONAL NATURE OFWORKING CAPITALTO SUPPORT GROWTH
• THE INTERNATIONAL GEO-POLITICAL SITUATION AND CURRENT
  INFLATION CONTINUE TO GENERATE UNCERTAINTIES ABOUT A POSSIBLE RECESSION,HOWEVER REDUCED DISCOUNTS AND IMPROVED SUPPLY CHAIN RELIABILITY IN TERMS OF COSTS AND DELIVERY TIMES CONFIRMTHE EXPECTED INCREASE IN MARGINS

Biadene di Montebelluna, May 11 2023 - Today Geox S.p.A., a leading brand in classic and casual footwear listed on the Euronext Milan (GEO.MI) market managed by Borsa Italiana, reviewed the sales figures and net financial position for the first quarter of 2023.

The Company commented: "Sales in the first quarter of 2023 showed significant growth, equally due to strong order intake for the Spring/Summer collection by multi-brand customers and renewed reliability of the transport and supply chain, resulting in excellent service levels for the market with a significant advance in deliveries and reduced cancellations compared to the first quarter of the previous year.

Comparable sales of our direct physical stores recorded close to double-digit growth, offsetting the closure of other non-strategic stores and the initial weakness in online sales.

The multi-brand channel reported prudent results in April, with some weakness in reorders compared to the previous year, while comparable sales of physical stores remained positive and online sales continued to recover. All of these factors, combined with the reabsorption of the temporary impact of advance shipments, resulted in an 8% rise in total revenues at the end of April, on a comparable basis. To date, this increase represents a good estimate for growth in the first half of the year.

Net working capital stood at Euro 142 million, up from Euro 104.1 million at the end of March 2022, accounting for 18.3% of revenues, compared to 16.1% the previous March. This growth is due to the seasonal nature of the business and, in particular, the need to purchase new product in order to meet the strong growth in revenues. Consequently, the net financial position (pre-IFRS 16) also showed a coherent change, going from Euro -49.8 million in December 2022

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Finally, in terms of the distribution perimeter, the number of DOS decreased from 339 stores in March 2022 to 291stores in March 2023 (315 at the end of 2022). This reduction was the main cause of the overall change in channel sales, which despite a rise in comparable sales (LFL) of +3.5%, increased in the period by approx. +1.3%.

Sales by Region

(*) Europe includes: Austria, Benelux, France, Germany, Great Britain, Iberian Peninsula, Scandinavia, Switzerland.

Sales generated in Italy, representing 28.3% of the Group total (26.3% in the first quarter of 2022), amounted to Euro

63.4 million (+30.6%), compared to Euro 48.5 million in the first quarter of 2022. Sales were driven by the wholesale channel (+67.6%), which accounts for approximately 50% of market revenues, and benefitted from strong order intake (+23%) for the SS23 Collection and the aforementioned positive timing effect. The franchising channel (+19.8%) and directly-operated stores (+7%) performed well in terms of comparable sales, up +11.8% and 7.6% respectively.

Sales generated in Europe, equal to 41.9% of the Group total (46.1% in the first quarter of 2022), totalled Euro 93.7 million, compared to Euro 85.0 million in the first quarter of 2022, up 10.3% mainly due to (as in Italy) the good performance of the multi-brand channel (+16%), which accounted for approximately 65% of market revenues.

Directly-operated stores (DOS) in Europe reported negative performance (-4.4%) due to the decline in the online channel (-19.5%) and reduced distribution perimeter, which were not offset by the good performance of comparable sales at physical stores (+12.3%).

North America reported sales of Euro 7.5 million, +48.9% (+48.8% at constant forex) compared to the first quarter of 2022; growth in the region was driven by the wholesale channel (+110.5%). Directly-operated stores also recorded a positive trend (+6.2%), with comparable sales performing well (+24.7%).

Other Countries reported sales growth of +28.9% compared to the first quarter of 2022 (+18.5% at constant forex). Specifically, Asia Pacific sales were up 31.8%, mainly driven by the multi-brand channel (+54.4%). China reported steady sales.

Eastern European sales, on the other hand, were up +28.4%.

Sales by Product Category

Footwear accounted for approximately 90.4% of consolidated sales, amounting to Euro 202.4 million, +24.6% (+22.5% at constant forex) on the first quarter of 2022. Apparel accounted for approx. 9.6% of consolidated sales, totalling Euro

21.4 million (-2.9% at current forex, -7.2% at constant forex). Sales were negatively affected by product shortages following the warehouse fire last September, the impact of which was covered by the insurance company.

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despite recording an increase of Euro 16 million over March 2022, as a result of the earlier timing of new product purchases compared to previous periods. Consequently, net working capital in the period accounted for 18.3% of revenues (10.5% at the end of December 2022 and 16.1% at the end of March 2022). This incidence is expected to decrease during the year and normalize by year-end in the range of 16%-18%, which is still slightly better than the assumptions in the business plan (21%-23%). This incidence, among the best in our industry, is however higher than the 10% recorded in 2022. It is therefore a return to normality, but 2023 is a year of strong discontinuity in working capital and cash flow for two factors. On the one hand, the Group, with FW22, has finished reusing the excess unsold inventory that had reduced purchases in recent seasons and is now coping with the increase in orders exclusively by purchasing new product. On the other hand, the supply chain problems experienced in 2022 are leading to a shift of more payments to the first half of this year in the amount of about Euro 18 million resulting from delivery delays in the previous season, while the renewed reliability of the supply chain in 2023 is leading to an advance in Spring/Summer payments in the amount of about Euro 57 million. Overall, the first half of the year will therefore record higher payments to suppliers of about Euro 75 million compared to the same period last year. This will lead to a strong reduction in trade payables compared to December 2022 with a consequent increase in working capital and an equal absorption of cash.

However, it is expected that the second quarter will generate positive cash flows with a consequent reduction of the debt to banks compared to March.

However, the context still remains uncertain and volatile, consequently, the Group will continue with initiatives aimed at protecting the company's cash flow and containing operating costs by carefully monitoring cash flows in the second quarter in order to take - if and when necessary - any further action deemed necessary or appropriate also in light of the existing financial constraints.

SIGNIFICANT AND/OR SUBSEQUENT EVENTS

INTERNATIONAL TENSIONS AND UPDATE ON COVID-19 IMPACT ON STORE OPERATIONS AND THE SUPPLY OF RAW MATERIALS AND FINISHED PRODUCTS

Russia's invasion of Ukraine continues to create a major international humanitarian and social crisis, with significant impacts primarily for the living conditions of the populations of these countries, but also for internal economic activities and commercial trade in the area. These extraordinary events in terms of their nature and extent have had global repercussions on: i) supply chains, particularly with regard to the supply and prices of raw materials and energy; (ii) international market demand level; (iii) inflation and the consequent restrictive interest-rate policies; and (iv) the strengthening of the dollar as a haven from risk, the divergent performance of the US economy and rising interest rates. In general, these negative factors are gradually improving.

In both countries Geox's business is mainly developed through third parties, wholesale and franchising (100% in Ukraine and 70% in Russia). In view of these events, the Group suspended fresh direct investment in Russia shortly after the outbreak of the conflict, withdrawing European management and is managing the short-term situation so as to be prepared to mitigate the impacts from any future decisions regarding its presence in Russia. Sales in Russia as of March 31, 2023 continued to account for approx. 10% of revenues while sales in Ukraine showed slight growth. The invested capital of the Russian subsidiary mainly comprises fast-moving net working capital, however devaluation of the Ruble had a negative impact in the quarter, which could persist considering that the currency can no longer be hedged.

The Group does not have suppliers or production plants in the region. The company was part of the 'Golden Links' project promoted by Banca Intesa and Caritas Italiana, and actively cooperated with Civil Protection, several humanitarian associations, the Embassy of Ukraine in Italy and the Ukrainian Consulate in Venice for the supply of basic necessities such as clothing and footwear to people on the ground and refugees in Italy.

In terms of the COVID-19 pandemic, all Group stores are currently operational. The WHO recently announced the end of the global health emergency declared more than three years ago due to the COVID-19 pandemic. This factor should further encourage tourist flows, which are already recovering but yet to reach pre-pandemic levels.

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