Unieuro S p A : Half-Yearly Financial Report as at 31 August 2022

Half-Yearly Financial Report

as at 31 August 2022

REPORT ON OPERATIONS

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1. Introduction

The Unieuro Group (hereinafter also the "Group" or "Unieuro Group") is formed by the companies Unieuro S.p.A. and Monclick S.r.l., consolidated since 1 June 2017.

The company Unieuro S.p.A. (hereinafter also the "Company" or "Unieuro" or "UE") is a company incorporated under Italian law based in Forlì in Via Piero Maroncelli 10, founded in the late 1930s by Vittorio Silvestrini. Unieuro is now the leading company in the distribution of consumer electronics and appliances in Italy and it operates as an integrated omnichannel distributor in four major product segments: Grey (telephone systems, computers and photos), White (large and small appliances), Brown (consumer electronics and media storage), Other Products (consoles, video games, bicycles) and offering parallel ancillary services such as delivery and installation, extended warranties and consumer financing.

The company Monclick S.r.l. (hereinafter also known as "Monclick" or "MK") wholly owned by Unieuro, is a company under Italian law with its registered office in Milan at Via Marghera 28, which sells online IT, electronic and telephone products and appliances in Italy through its website www.monclick.it, offering a catalogue with over 70,000 items and guaranteeing a comprehensive purchasing experience completed through the home delivery and installation of the chosen product. It also operates in the segment known as B2B2C, where the customers are operators that need to purchase electronic products to distribute to their regular customers or employees to accumulate points or participate in competitions or incentive plans.

The Group's mission is to accompany customers in all phases of their shopping experience, placing them at the centre of an integrated ecosystem of products and services with a strategic approach focusing on accessibility, a local presence and nearness.

Since April 2017, Unieuro shares have been listed on the EURONEX STAR segment of the Milan stock exchange. Unieuro is, in all respects, a public company. At the date of this Report, the Unieuro free float amounted to roughly 80% of the Company's share capital. Below shows the percentage of Unieuro's ordinary shares held at the date of this Report, either directly or indirectly by shareholders or by those at the top of the ownership chain who have declared that the holding threshold of 5% of Unieuro's subscribed capital has been reached or exceeded in accordance with Article 120 of the Consolidated Finance Act and Consob Issuers' Regulation. This percentage is updated on the basis of the information available to the Company:

DECLARANT		DIRECT SHAREHOLDER	NUMBER	% OF NUMBER OF SHARES REPRESENTING THE
			OF	SHARE CAPITAL
			SHARES
XAVIER NIEL	•	ILIAD HOLDING S.P.A.		12.177%
	•	ILIAD SA	2,520,374
AMUNDI ASSET MANAGEMENT	•	AMUNDI SGR S.P.A.	1,396,730	6.748%
	•	AMUNDI ASSET MANAGEMENT
GIUSEPPE SILVESTRINI	•	VICTOR S.R.L.	1,290,620	6.235%
	•	MONTE PASCHI FIDUCIARIA S.P.A.
	•	GIUSEPPE SILVESTRINI

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2. Procedural note

This Report on Operations contains information relating to consolidated revenues, consolidated profits, cash flows and the statement of financial position of the Unieuro Group as at 31 August 2022 compared with the figures as at 31 August 2021 for the economic results and the cash flows and with the figures of the latest financial statements approved as at 28 February 2022 for the statement of financial position.

Unless otherwise indicated, all amounts are stated in millions of Euro. Amounts and percentages were calculated on amounts in thousands of Euro and, thus, any differences found in certain tables are due to rounding.

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3. Accounting policies

This Report on Operations as at 31 August 2022 was prepared in compliance with the provisions of Article 154- ter, paragraph 5 of Legislative Decree 58/98 of the Italian Consolidated Law on Finance (T.U.F.) as subsequently amended and supplemented in compliance with Article 2.2.3 of the Stock Exchange Regulations and in the application of IAS 34. It does not include all the information required by the IFRS for the preparation of the annual financial statements and must therefore be read in conjunction with the Unieuro Financial Statements as at 28 February 2022. The Report on Operations was prepared in compliance with international accounting standards (IAS/IFRS) issued by the International Accounting Standards Board (IASB) and with the relevant interpretations (SIC/IFRIC), adopted by the European Union.

The accounting criteria and the consolidation principles adopted are consistent with those used in the Group's Consolidated Financial Statements as at 28 February 2022, to which reference is made.

To facilitate the understanding of the Group's economic and financial progress, some Alternative Performance Indicators ("APIs") are indicated. For a correct interpretation of the APIs, note the following: (i) these indicators are constructed exclusively from the Group's historical data and are not indicative of future trends, (ii) the APIs are not provided for by the IFRS and, despite being derived from the Consolidated Financial Statements, are not subject to audit, (iii) the APIs should not be regarded as substitutes for the indicators provided for in the relevant International Financial Reporting Standards (IFRS), (iv) these APIs should be read in conjunction with the Group's financial information taken from the Consolidated Financial Statements; (v) the definitions and criteria adopted for the determination of the indicators used by the Group, since they do not derive from the reference accounting standards, may differ from those adopted by other companies or groups and, therefore, may not be comparable with any definitions and criteria presented by such entities, and (vi) the APIs used by the Group are prepared with continuity and homogeneity of definition and representation for all the financial periods for which information is included in the Condensed Half-Year Consolidated Financial Statements.

The APIs reported (consolidated adjusted EBIT, consolidated adjusted EBIT margin, adjusted consolidated profit (loss) for the period, net working capital, consolidated adjusted free cash flow and (net financial debt)/net cash - pursuant to IAS 17) have not been identified as IFRS accounting measures and, therefore, as noted above, should not be considered as alternative measures to those provided in the Group's Condensed Half-Year Consolidated Financial Statements to assess their operating performance and financial position.

Certain indicators are referred to as "Adjusted", to represent the Group's management and financial performance, net of non-recurring events, non-characteristic events and events related to extraordinary transactions, as identified by the Group. The Adjusted indicators shown consist of: Consolidated adjusted EBIT, consolidated adjusted EBIT margin, consolidated adjusted profit (loss) for the period and consolidated adjusted free cash flow and (net financial debt)/net cash - pursuant to IAS 17. These indicators reflect the main operating and financial measures adjusted for non-recurring income and expenses that are not strictly related to the core business and operations, and for the effect from the change in the business model for extended warranty services (as more fully described below in the API "Consolidated Adjusted EBIT"), and thus, they make it possible to analyse the Group's performance in a more standardised manner in the periods reported in the Report on Operations.

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