Geox S p A : Press Release - 2023 Results*

PRESS RELEASE - 2023 RESULTS

2023 WAS A YEAR OF STABILIZATION AFTER THE STRONG GROWTH IN THE PREVIOUS TWO YEARS WHILE STILL REVEALING GOOD PERFORMANCE IN TERMS OF OPERATING MARGINS AND COST MANAGEMENT.

• SALES OF EURO 720 MILLION SHOW A SLIGHT DECLINE BY 2.2% AT CURRENT EXCHANGE RATES (+0.3% AT CONSTANT EXCHANGE RATES) VS FY2022. THE SLIGHT DECREASE IS MAINLY RELATED TO THE PLANNED OPTIMIZATION OF THE
  DOS NETWORK COUPLED WITH PARTICULARLY UNFAVORABLE MARKET CONDITIONS OBSERVED IN THE SECOND HALF OF THE YEAR.
• GROSS MARGIN SIGNIFICANTLY LEVELS UP BY 320 BPS FROM FY2022 DRIVING THE GROWTH IN OPERATING INCOME (EBIT), WHICH REMAINS POSITIVE AND REACHES 15.6 MILLION (4.3 MILLION IN FY2022).
• NET FINANCIAL POSITION (PRE-IFRS16) STANDS AT EURO -93.1 MILLION (EURO -
  49.8 MILLION AT DECEMBER 31, 2022) AS A RESULT OF NET BANK DEBT OF EURO

-90.1 MILLION (EURO -75.7 MILLION AT DECEMBER 31, 2022) AND A NEGATIVE

FAIR VALUE OF HEDGING INSTRUMENTS OF EURO -3 MILLION (POSITIVE FOR EURO 25.9 MILLION AS OF DECEMBER 31, 2022).

APPROVED A MUTUAL SEPARATION AGREEMENT BETWEEN THE COMPANY AND LIVIO LIBRALESSO AS EMPLOYEE AND DIRECTOR

ENRICO MISTRON APPOINTED AS NEW CHIEF EXECUTIVE OFFICER

Biadene di Montebelluna, March, 1st 2024 - Geox S.p.A., leading brand in classic and casual footwear listed on the Euronext Milan (GEO.MI) market managed by Borsa Italiana, today reviewed the 2023 Draft Financial Statements and the 2023 Consolidated Financial Statements, in addition to the non-financial statement.

Mario Moretti Polegato, Chairman and founder of Geox: "2023, especially in the second half, reveled an extremely challenging year defined by strong uncertainty arising from the complex macroeconomic framework that directly affected our target market. Therefore, FY 2023 looks like a year of stabilization after the strong increases recorded in the previous two years with sales slightly down from the previous year -2.2% defined at current exchange rates, while, revenues, defined at constant exchange rates up 0.3%.

Despite the difficulties faced in approaching a market, that is increasingly complex and characterized by consequent changes in consumption habits, the Group, thanks the careful and profound process of rationalization of non-profitable activities and the streamlining of the cost base, has managed to increase its operating margin both in absolute and relative terms, from an EBIT of Euro 4.3 million (0.6% of sales) in 2022 to Euro 15.6 million (or 2.2% of sales).

The complexity and uncertainty observed in all our major markets persists even in the first months of the financial year 2024, requires us to maintain a prudent approach focused on growth in the most profitable markets.

1

GROUP OPERATING PERFORMANCE: OTHER INCOME STATEMENT ITEMS

The results for the year show a further significant improvement in operating margin compared to 2022. This result was achieved through improved gross margins (+320 bps compared to the previous year) and careful management of operating costs.

The result of these actions, in line with the company's strategy, allowed for a significant increase in operating income (EBIT), which grew from Euro 4.3 million (0.6% on sales) to Euro 15.6 million (2.2% of sales), despite the already commented slight contraction in sales (-2.2%).

The main movements are presented below:

COGS and gross margin

The cost of sales was 49.3% of sales compared to 52.5% in 2022, resulting in a gross margin of 50.7% (47.5% in 2022).

The margin improvement stems mainly from the pre-announced stabilization of supply chain conditions with, in particular, a release of pressure on raw material and transportation costs compared to the previous year.

Operating expenses

Total operating costs (general and administrative costs, selling and distribution costs, and advertising) in the year amounted to Euro 349.0 million, or 48.5% of sales, compared to Euro 345.0 million in 2022, or 46.9% of sales.

In particular:

• Selling and distribution costs stood at Euro 36.2 million (Euro 39 million in 2022), accounting for 5% of sales (5.3 % in 2022).
• Advertising and promotion costs amounted to Euro 32.8 million, up from Euro 30.4 million in the previous year. The increase is substantially related to the increased marketing initiatives undertaken in the period, in line with the Strategic Plan.
• General and administrative expenses (net of other income) amounted to Euro 279.9 million, compared to Euro
  275.6 million in 2022. It should be noted that in the previous year, this item included some positive non-recurring items, mainly the insurance reimbursement related to the fire in the third-party warehouse in the amount of about Euro 6 million and support (government grants, reduced shop rents) related to the pandemic in the amount of about Euro 3 million. Taking these extraordinary items into account, the general and administrative costs for 2022 would have been in line with 2023.

EBITDA and EBIT

EBITDA increased to Euro 89.0 million (12.4% of sales), compared to Euro 79.4 million in 2022 (10.8% of sales). EBITDA before IFRS 16 amounts to Euro 37.0 million (Euro 26.6 million in 2022).

EBIT stood at euros 15.6 million (Euro 4.3 million in 2022).

Financial income and expenses

Financial income and expenses amounted to Euro 21.4 million, with an increase compared to 2022 (Euro 12.7 million) mainly due to:

• higher cost of debt for about Euro 5 million, due to the increase in rates experienced by the market and a higher average debt level in the period for about Euro 25 million compared to 2022, linked to the increase in working capital.
• negative exchange rate differences of about Euro 6.0 million suffered by the subsidiary Geox RUS in relation to the EUR/RUB exchange rate.

4

Income taxes

Income taxes for the year amounted to Euro 0.6 million, compared to Euro 4.6 million in 2022.

Mono-brand store network - Geox shops

As at 31 December 2023 the total number of "Geox Shops" was 655 of which 255 DOS. During 2023, 41 new Geox Shops were opened and 103 were closed, in line with the planned optimization of shops in the more mature markets and an expansion in countries where the Group's presence is still limited but developing positively.

(*) Europe includes: Austria, Benelux, France, Germany, UK, Iberia, Scandinavia, Switzerland.

1. Includes Under License Agreement Shops (120 as of December 31 2023, 108 as of December 31 2022). Sales from these shops are not included in the franchising channel.

5

THE GROUP'S BALANCE SHEET AND FINANCIAL POSITION

The rationalization actions undertaken, as well as the derivative hedges carried out on exchange rate and interest rate risk, enabled the net financial position to be kept under control, which at the end of the year stood (before IFRS 16 and after the fair value of derivative contracts) at Euro -93.1 million (Euro -49.8 million as of December 2022). Net debt to banks amounted at Euro -90.1 million (Euro -75.7 million as of December 2022), up Euro 14.4 million mainly driven by Net Working Capital dynamics. Net Operating Working Capital stood at approximately Euro 117 million, up from Euro 77 million as of December 2022. The increase from December 31, 2022 is mainly driven by the newfound efficiency of the supply chain, which resulted in the consequent rebalancing of the liability cycle.

In light of this dynamic, the ratio of Net Working Capital to sales for the year was 16.2% (10.5% at the end of December 2022), in line with market best practice and better than the assumptions in the business plan (21%-23%).

FINANCIAL STATEMENTS OF THE PARENT COMPANY GEOX S.P.A.

The Board of Directors also approved the results of the financial statements 2023 of the parent company Geox S.p.A. and the corporate governance and ownership structure report.

Sales amounted to Euro 521.2 million, compared to Euro 525.2 million in 2022. In 2023 there was a loss of Euro 3.9 million due to Euro 6.6 million of impairment of equity investments and current financial assets to some foreign subsidiaries. In 2022, the Company had recorded a loss of Euro 12.2 million.

Equity at December 31, 2023 stood at Euro 91.9 million, compared to Euro 104,9 million at the end of 2022, with a negative financial position of Euro 147.3 million excluding IFRS 16 impact (negative for Euro 81.4 at December 31, 2022).

The financial statements at December 31, 2023 shall be submitted for the approval of the Shareholders' Meetings scheduled for April 19, 2024.

SUBSEQUENT EVENTS

MUTUAL SEPARATION AGREEMENT BETWEEN THE COMPANY AND THE CEO LIVIO LIBRALESSO IN RELATION TO HIS ROLE AS AN EMPLOYEE AND DIRECTOR

The Board of Directors of Geox S.p.A. hereby announces that the Company and Livio Libralesso, after years of successful collaboration, have reached an agreement for the consensual termination of his role as Director, effective from today, March 1, 2024, and as employee, effective March 31, 2024.

The deferred date will allow the best collaboration in the definition and formalization of the management operations still pending or in the process of being defined. The agreement provides for the payment of a gross amount of Euro 1,500,000 for the consensual termination of the administration and employment relationship and of a gross amount of Euro 10,000 in exchange for Livio Libralesso's waiver versus Geox S.p.A. and any other company of the Geox Group of any right and claim connected or even only occasioned by the employment and administration relationship and their termination. The agreement also provides for the payment of Euro 346,250 gross as indemnity in lieu of notice.

These allocations are consistent with the Company's remuneration policy outlined in the 'Remuneration Report' approved by the Board of Directors, submitted to the advisory vote of the Shareholders' Meeting and published on the Company's website.

There are no non-competition commitments and a 12-month ban on the transfer of employees and collaborators has been signed.

Prior to approval by the Board of Directors, the transaction was examined by the Appointments and Remuneration Committee, which expressed its reasoned opinion in favor of concluding the agreement.

6

In addition, Mr. Libralesso, on the effective date of termination of employment, will be paid any further accrued remuneration, Christmas bonus, holidays, accrued and unused leave, severance indemnity and the company contribution related to the position of strategic manager that the Company has paid over time and will pay to the supplementary pension fund indicated by the beneficiary.

Tax and social security withholdings required by law shall be applied to the above amounts.

In relation to the Equity (Stock Grant) & Cash-Based2021-2023 incentive plan, whose vesting period ended on 31 December 2023, it should be noted that, in consideration of his role as employee and CEO, Livio Libralesso has accrued a number of rights equal to 693,314 as quantified today by the Board of Directors. The actual assignment of the shares will take place within the month following the approval of the 2023 Financial Statements by the Shareholders' Meeting set for 19 April 2024. Please note that no claw-back or malus clauses are applicable.

It is hereby noted that Livio Libralesso, as of today, does not own shares in the Company.

The Board thanks Livio Libralesso for his activities over the years.

ENRICO MISTRON APPOINTED CHIEF EXECUTIVE OFFICER OF GEOX S.P.A.

Enrico Mistron, 54 years old, has more than 20 years of global background in the fashion and luxury industry with experience in Wholesale, Retail and e-commerce as well as international business development.

In the Luxottica Group, he has held senior roles of increasing responsibility in Corporate, Digital Transformation and Global Supply Chain.

Previously, within the same group, he worked in Finance and Controlling and M&A.

The appointment is part of a process of strengthening the team by enriching it with professional skills that are fundamental to address the strategic areas underlying the development of the new business plan.

In this perspective, the new CEO will be supported by the newly appointed CFO, Andrea Maldi, who also has a consolidated background in multinational groups and listed companies.

INTERNATIONAL AND MACROECONOMIC UPDATE

Recently, the international tension generated by the invasion of Ukraine has been further exacerbated by the outbreak of the Israeli-Palestinian conflict. The persistence and worsening of this unstable situation is causing strong social and humanitarian impacts, first of all for the living conditions of the populations of these countries, but also on their domestic economic activity and on trade in these areas.

This escalation and the further widening of the Middle East front, combined with the involvement of new players, is having a direct impact on the security and cost of goods transfers along traditional international trade routes, particularly in the Red Sea area.

We believe that the scenario described above may lead to significant negative effects on: i) the development of demand in international markets; ii) trends in inflation rates with subsequent restrictive monetary policies on interest rates; iii) volatility of reference currencies (dollar and ruble); iv) increased uncertainty, which has an impact on consumption; v) increased transportation costs; vi) increased energy costs (gas and oil).

In the countries involved in such conflicts Geox's business is mainly developed through third parties, wholesale and franchising and it may be considered not material in Ukraine, Israel and Palestine. With regards of Russia, sales are substantially in line with the forecast at approximately Euro 72 million (about 9.9% of consolidated sales). The net invested capital of the Russian subsidiary comprises mainly fast-moving net working capital and accounted for, in December 2023, approximately 8.7% of the Group total.

7

OUTLOOK

At today's meeting, Geox's Board of Directors approved the Budget for year 2024.

This includes the effects of exogenous events occurred in 2022 and 2023, just described, and consequently shows a deviation from the forecast included in the strategic plan presented to the financial community in December 2021.

The ongoing uncertainty, variability, and complexities of the international macroeconomic environment have a significant impact on the Group's business development outlook for 2024.

In particular, the continuation of the inflationary environment countered by an extremely restrictive monetary policy is expected to lead to a significant impact on the behavior and purchasing power of our customers in 2024, as in 2023, thus reflecting on the Group's performance.

In particular, the activities of rationalization and consolidation of the sales network will continue to play an important role in the process of creating value through the enhancement of the Group's assets.

On the other hand, we will continue to focus on cost management with the aim of further improving the margin and service levels achieved. Special attention will be paid to the trend of transportation costs, we will be to ready to evaluate specific actions aimed at their efficient management.

The framework thus defined is summarized in a conservative approach with sales expectations for FY2024 broadly in line with FY2023 and gross margins expected to improve slightly further (~50 bps) compared the previous year.

The above annual forecast is also based on the following assumptions about the future performance of the fiscal year:

1. consumers' behaviour allows the continuation of the careful discount management implemented so far in direct stores;
2. no changes in consumers' habits compared to current ones;
3. the complex geo-political situation in the markets relevant to the Group does not lead to significant deterioration from what was observed in 2023 and/or impacts of further significant devaluation of their currencies against the Euro.

These performance forecasts are however, due to their nature, subject to significant uncertainties in terms of the geopolitical and cost inflation environment.

OTHER RESOLUTIONS:

INFORMATION REGARDING THE 2021-2023 STOCK GRANT PLAN. DISPOSITION OF OWN SHARES

In relation to the 2021- 2023 stock grant plan, whose vesting period ended on 31 December 2023 - approved by the Shareholders' Meeting of 22 April 2021 pursuant to Article 114-bis of TUF - the Board of Directors today verified the conditions of permanence and the degree of achievement of the performance targets for the vesting of rights to the assignment of company shares. In light of this verification, rights have been accrued for a total of 3,262,209 shares, allocated as follows: to the Chief Executive Officer 693,314 shares, to Strategic Executives 924,415 shares and to Key People 1,644,480 shares.

Pursuant to the regulations, these shares will be allocated free of charge within 30 days following the approval of the Financial Statements by the Shareholders' Meeting convened for 19 April 2024.

The shares will be allocated using those from the buy-back plan concluded on 25 November 2019.

For further information, please refer to the Remuneration Report for the financial year 2023, which will be published in accordance with the law.

8

AUTHORISATION TO BUY BACK AND HOLD TREASURY SHARES IN ACCORDANCE WITH ARTICLES 2357 AND 2357-TER OF THE (ITALIAN) CIVIL CODE

The Board of Directors resolved to submit, to the Shareholders' Meeting for approval, a plan to buy back and hold treasury shares, to provide the issuer with shares for both the allocation of stock options, in view of said options being exercised as part of the Stock Option Plan approved by the shareholders' meeting to the benefit of employees, and to serve current and possible future plans for the free granting of shares (Stock Grant Plans) in line with the company's development strategy.

The plan provides for the purchase of a number of ordinary shares not exceeding 10% of the share capital, valid for a period of 18 months starting from the date of the relevant shareholders' resolution (thus expiring on October 19, 2025), subject to the revocation of the previous plan authorized by the Shareholders' Meeting on April 20, 2023.

The purchase may be made at a unit price that does not deviate, up or down, by more than 10% from the closing stock exchange price recorded on the business day preceding the purchase date. The maximum daily purchase volumes may not exceed 25% of the average of the volumes of the 20 stock exchange sessions preceding the date of the purchase transaction.

The purchase of treasury shares may be carried out on regulated markets, in compliance with the procedures set forth in the relevant regulations (in particular, pursuant to Article 144-bis, paragraph 1, letter b) of the Issuers' Regulations and the provisions in any case applicable, in such a way as to allow compliance with the equal treatment of shareholders as set forth in Article 132 of TUF and in compliance with the applicable regulations and market practices permitted by Consob pursuant to Article 13 of Regulation (EU) No. 596/2014.), in accordance with the operating procedures set forth in the market organization and management regulations, so as to ensure equal treatment of shareholders. As of today's date, the Company holds 3,996,250 treasury shares.

APPROVAL OF THE CONSOLIDATED NON-FINANCIAL STATEMENT

The Board of Directors of Geox S.p.A., which met today, examined and approved the Consolidated Non-Financial Statement as at 31 December 2023 prepared as a separate report from the Financial Statements, pursuant to Legislative Decree no. 254 of 30 December 2016, implementing EU Directive 2014/95.

The aforementioned Statement has been prepared in accordance with the Global Reporting Initiative Sustainability Reporting Standards (GRI Standards) and describes the most relevant activities carried out during 2023 in the social, environmental and economic fields as well as the results achieved. Furthermore, due to the strong commitment taken on by the Geox Group with respect to these issues, the Statement also illustrates the medium/long-term objectives, which are an expression of the Geox Group's desire to grow and develop, taking into consideration the interests of the various stakeholders.

********************

9

DECLARATION BY THE MANAGER RESPONSIBLE FOR THE PREPARATION OF COMPANY ACCOUNTING DOCUMENTS

The manager responsible for the preparation of the company's financial documents, Mr. Massimo Nai, hereby declares, in accordance with paragraph 2, article 154 bis of the "Testo Unico della Finanza" (Italian Consolidated Law on Financial Intermediation), that, based on his knowledge, the accounting information contained in this document corresponds to the results documented in the books, accounting and other records of the company.

FOR MORE INFORMATION

INVESTOR RELATIONS

Luca Amadini: tel. +39 0423 282476; cell. +39 349 930 2858; investor.relations@geox.com

UFFICIO STAMPA

Juan Carlos Venti: tel: +39 0423 281914; cell. +39 335 470 641; juancarlos.venti@geox.com

GEOX GROUP

Geox Group operates in the classic and casual footwear sector for men, women and children, with a medium/high price level, and in the apparel sector. The success of Geox is due to the constant focus on the application of innovative solutions and technologies on the product that guarantee both impermeability and breathability, and bases its strategies for future growth on continuous technological innovation.

Geox is one of the leading brands in the "International Branded Casual Footwear Market". Geox technology is protected by 61 different patents and by 5 more recent patent applications.

DISCLAIMER

This document includes forward-looking statements, relative to future events and income and financial operating results of Geox Group. These forecasts, by their nature, include an element of risk and uncertainty, since they depend on the outcome of future events and developments. The actual results may differ even quite significantly from those stated due to a multiplicity of factors.

10