Lanvin Group Holdings Limited Ordinary Shares

Thank you for joining us and welcome to the Lon Vaughan Group's 2026 First Half Financial Results Conference Call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. Please note this event is being recorded. Now, please take a moment to review the disclaimers. During this presentation, the company will be making certain forward-looking statements, including but not limited to future performance and industry outlook. Forward-looking statements are inherently subject to risks, uncertainties, and other factors, and they are not a guarantee of performance. For today's presentation, I would like to introduce Ross Lowe, CFO of Lanvin Group. With that, I would like to turn it over to Ross to start the presentation.

Thanks very much and welcome everyone and good morning. I'm Ross and I'm very pleased to join Luvon Group as the Chief Financial Officer in June this year. I look forward to working with Andy and also our brand leadership team to further strengthen the group's financial performance and to support the next phase of our transformation. The first half of 2026 was an important period for the group. as we continue to execute our transformation while operating in a still very challenging luxury market environment. We have made a meaningful progress on the quality and efficiency of the business. Growth margin improved to 59% while the contribution profit and adjusted EBITDA margins have both improved by 7.7 and 10.7 percentage points respectively. At the group level, revenue was 101 million, down 13% on a year-over-year basis. This reflects the broader transformation and rationalization of the business on the way across all of our brands. I wanted to highlight that our e-commerce business returned to growth in the first half of 2026, and we continue to make progress in reshaping the retail footprint. with 151 directly operated stores by the end of June 2026. The most important takeaway from the first half I wanted to share with you is that the transformation is translating into a leaner and more efficient operating process. We are now focused on taking that foundation and converting that to renew the growth. And now, Please allow me to briefly highlight some of the developments across the four brands that we have. At Long Van, the house continued to build creative momentum with its FW26 Paris runway received a strong response from the market. The brand also marked an important milestone with the 100th anniversary of Long Van menswear and further strengthened its leadership during the time. At Wolfer, we saw encouraging stabilization in the underlying business. Gross margin recovered to approximately 60%, while the brand continues to strengthen its supply chain capabilities and advance its ESG initiatives. We also entered the new leadership chapter with Marco Pozzo as the CFO and also Chairman. At Sergio Rossi, the focus has been on repositioning the business around a more focused and asset-line model. The brand has streamlined its supplier base, strengthened the strategic partnerships, and also continued to rationalize its retail network. Importantly, wholesale excluding third-party production has grown 21% year-over-year, giving us a stronger base to build on that in the second half. And at Saint John, we continue to see resilience in the underlying business. E-commerce grew 31% in its reporting currency, and the growth margin remained very strong at approximately 70%. And the brand is developing new channel opportunities while preparing for its next chapter of creative development in the second half. Across our portfolio, we have seen encouraging signs that the work on the brands, products, and operating model is beginning to create a stronger foundation for future growth. Let's now turn to our priorities for the second half of the year. Our priority is to continue executing the reset and the transformation agenda. This includes the ongoing optimization of our retail footprint and also further improvements in how we operate across the group. Secondly, we want to move beyond optimization and focus increasingly on growth opportunities across different markets, channels, and product categories. Thirdly, we will make greater use of partnerships and collaborations to extend the reach of our brands, access new customers, and develop additional revenue opportunities, including through asset line models. and finally, we'll also remain disciplined on costs, working capital and cash, while selectively investing behind the areas that can generate the strongest returns. In addition, we will continue to optimize the Group's brand portfolio, ensuring that our resources remain focused on the brands and opportunities with the strongest long-term potential. We believe the combination of a leaner operating model

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