Intercos S p A : Earning Call 1H 2023

August 3rd 2023

1H23 RESULTS

Disclaimer

IMPORTANT NOTICE

This presentations is being furnished to you solely for your information and may not be reproduced or redistributed to any other person.

This presentation might contain certain forward-looking statements that reflect the Company's management current views with respect to future events and financial and operational performance of the Company and its subsidiaries.

These forward-looking statements are based on Intercos current expectations and projections about future events. Because these forward-looking statements are subject to risks and uncertainties, actual future results or performance may differ materially from those expressed in or implied by these statements due to any number of different factors, many of which are beyond the ability of Intercos to control or estimate. You are cautioned not to place undue reliance on the forward-looking statements contained herein which are made only as of the date of this presentation. Intercos 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 Intercos shall not be taken as a representation or indication that such performance, trends or activities continue in the future.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy the Group'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 Intercos.

Intercos 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.

Pietro Oriani, the Manager in charge of preparing the corporate accounting documents, declares that, pursuant to art. 154-bis, paragraph 2, of the Legislative Decree no.58 of February 24, 1998, the accounting information contained herein correspond to document results, books and accounting records.

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Agenda

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1H23 Executive Summary

Net Sales

€488.4m

+32.7% Rep FX

+33.3% c.FX

Adj. EBITDA

€67.4m

+38.5% or +€18.7m vs. 1H22

13.8% on Net Sales (+57Bps vs. 1H22)

17.2% on Value Added Sales (+129Bps vs. 1H22)

Adj. Net Income

€26.9m

+29.6% or +€6.1m vs. 1H22

Intercos Europe SpA and Cosmint

SpA, two of the Group's most

important subsidiaries, have been

awarded with the 'Welcome - Working

for refugee integration' award.

Net Debt

€122.7m

0.87x Net Debt to Adj. EBITDA

ratio (-0.31x vs.30Jun22)

Record quarterly Sales and EBITDA in 2Q23

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1H23 Executive Summary - 1H23 and 2Q23 Results overview

		€m
2Q		Revenues
	Adj. EBITDA
		Adj. EBITDA %

2Q23

253.8

37.5

14.8%

2Q22

193.3

29.5

15.3%

% vs 2Q22

Rep FX	c FX
31%	34%
27%

	€m
	Revenues
	Adj. EBITDA
1H
Adj. EBITDA %

1H23

488.4

67.4

13.8%

1H22

367.9

48.7

13.2%

% vs 1H22

Rep FX	c FX
33%	33%
38%

Adj. Net Income

Adj. Net Income %

Net Debt

Net Debt/EBITDA

26.9	20.8	30%
5.5%	5.6%
122.7	125.1
0.87x		1.18x

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