APPROVAL OF THE REPORT PURSUANT TO ARTICLE 2441, PARAGRAPH 6, OF THE CIVIL CODE. FOR THE PURPOSE OF THE CAPITAL INCREASE IN THE OPERATION SOBE SPORT

• Revenues of €86.3 million (€100.0 million as of September 30, 2022)
• EBIT of €3.6 million (€13.2 million as of September 30, 2022)
• The net profit stood at €0.6 million as of September 30, 2023)
• Backlog at €174.8 million as of September 30, 2023 compared to 172.9 million as of December 31, 2022
• For the full year 2023, Revenues are expected to trend in line or slightly lower than in FY 2022 and margins are expected to grow slightly compared to 3Q 2023

The Board of Directors of ILBE (Iervolino and Lady Bacardi Entertainment) – a company active in the production of film and television content (Euronext Growth Milan – IT0005380602 – IE and Euronext Growth Paris – IT0005380602 – ALIE) – met today, reviewed and approved the Group’s final results as of September 30, 2023 and also approved the report on the exclusion of option rights pursuant to Article 2441, paragraph 6, of the Civil Code for the purpose of the paid capital increase in the Sobe Sport transaction. The period ended with Total Revenues of €86.3 million down 14% from €100.0 million at 9 months in 2022. Consolidated EBIT reached €3.6 million or 4.2% of total revenues (€13.2 million as of 3Q 2022, with a margin of 13.2%). Group EBIT shows a decrease compared to the same period 2022 mainly due to lower revenues from distribution rights of so-called “Family Movies” and Puffins & Arctic Friends. The period ended with a Net Profit of €552 thousand compared to €4.3 million in the first nine months of 2022.

The net financial position debt (net of the effect of €2.8 million related to the application of IFRS 16) was €41.4 million, in line with the first half of 2023 (€41.3 million) and compared to €23.1 million as of December 31, 2022 due to higher investments made and paid in the period, which added to the negative financial effect of lower revenues from distribution rights of the so-called “Family Movies” and Puffins & Arctic Friends.

The net invested capital reached €134.2 million, an increase compared to €115.2 million at 31 December 2022 and is financed by the net debt financial position of €44.2 million and by the shareholders’ equity of €90.0 million (€89.4 million as of December 31, 2022). The company is currently redefining the parameters of the financial covenants of the two bonds with the institutions involved, and it is expected that they will not be complied with by the end of the year.

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