Αthens 30/04/2025

Commentary on the Annual Financial Results for fiscal year 2024 of the company N.VARVERIS-MODA BAGNO S.A., in accordance with par.4.1.1 of the ATHEX Regulation, as well as Decision No. 25 of the ATHEX Stock Markets Management Committee.

The Company's financial figures were as follows :

During fiscal year 2024, at company level, turnover increased by 15.34%, i.e. from 24,527 thousand Euros to 28,290 thousand Euros.

The company's gross profits increased by 14.65%, compared to those of the previous fiscal year and amounted to 14,464 thousand Euros, compared to 12,615 thousand Euros. The gross profit margin index fluctuated at the levels of 2023, namely at 51.12%, compared to last year which was at 51.43%.

The company's EBITDA operating profits increased by 6.23%, namely 6,234 thousand Euros, compared to 5,868 thousand Euros in 2023.

Finally, the company's total income after taxes increased by 10.84%, namely 3,345 thousand Euros compared to 3,018 thousand Euros. Euro in 2023.

Non-depreciable Fixed Assets: On 31/12/2024, the company's Non-depreciable Fixed Assets amounted to 19,063,112 euros and correspond to 41.22% of the company's Total Assets, while on 31/12/2023 the company's Non-depreciable Fixed Assets amounted to 18,772,366 euros and correspond to 41.27% of the company's Total Assets. Equity: The company's Equity of 25,844,580 euros represents 55.88% of Total Liabilities compared to 23,217,223 euros on 31/12/2023, which represented 51.05% of the company's Total Liabilities.

The consolidated financial figures were as follows :

At Group level, turnover increased by 7.66%, i.e. from 31,290 thousand euros to 33,687 thousand euros.

At Group level, gross profits increased by 5.01%, specifically in 2024 they were 17,342 thousand euros, compared to 16,515 thousand euros. Euro which was in 2023. The gross profit margin was at 51.48%, compared to 52.78% which was in 2023.

At Group level, EBITDA operating profits decreased by 8.45%, specifically it was 7,996 thousand Euro, compared to 8,734 thousand Euro in 2023. The decrease is due to the results of the subsidiary in Turkey, which on a real basis did not decrease compared to 2023, however, in application of IAS 29 "Presentation of financial data in hyperinflationary economies", the effect of inflation is reflected. The cumulative inflation rate in Turkey exceeded 100%.

Finally, total income after taxes at Group level increased by 25.17%, namely 4,026 thousand. Euro compared to 3,928 thousand Euro in 2023.

Non-depreciable Fixed Assets: On 31/12/2024, the Group's Non-depreciable Fixed Assets amounted to 20,963,500 euros and correspond to 42.60% of the Group's Total Assets, while on 31/12/2023 the Group's Non-depreciable Fixed Assets amounted to 20,160,168 euros and correspond to 42.69% of the Group's Total Assets. Equity: The Group's Equity of 25,620,192 euros represents 53.06% of Total Liabilities compared to 22,315,215 euros on 31/12/2023, which represented 47.26% of the Group's Total Liabilities.