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Eataly: revenues 2023 € 656 million, net profit negative for € 28 million

During the year, five new stores opened, two of which were in the USA and Canada

The Board of Directors of Eataly approved the consolidated financial statements as of 31 December 2023. In 2023 alone the group opened five new stores: the third store in New York and the second in Toronto, both inaugurated in the last quarter of year, to which are added three new openings in Italy (Serravalle Designer Outlet, Milan Bergamo-Orio al Serio Airport and inside the Rome Termini railway station, the latter inaugurated at the end of November), reaching a total of over 50 points of sale worldwide.

The 2023 financial year closes with growing results and an improvement in all the main economic and financial parameters. Consolidated revenues reach 656 million euros, with a growth of 9.0%, for 54 million euros, compared to 2022. Consolidated revenues from stores on a like-for-like basis are growing by 7.4%, for 41 million euros, compared to 2022 at constant exchange rates. Revenues in the North American market are equal to over 60% of total revenues and growing by 9.2% on 2022. Consolidated Ebitda is 41.1 million euros, up by 61% on 2022 (+ 15.6 million euros) and more than doubled compared to 2019. The consolidated Ebita is 13.7 million euros, an increase of 16.2 million euros compared to 2022, the year in which it was negative for 2, 5 million euros. The consolidated net result, impacted by approximately 22 million euros of non-recurring extraordinary charges, in line with forecasts, is negative by approximately 28 million euros, an improvement of 0.7 million euros compared to the previous year. The consolidated Adjusted Net Financial Position amounted to 44 million euros at the end of 2023, continuously improving compared to the 94 million euros of 2022.

“Eataly confirms that it is a point of reference for Italian food and wine excellence in the world, a brand that has redefined the way of representing Made in Italy not only abroad, but also in Italy", comments Andrea Cipolloni , Group CEO Eataly. "The growth in revenues and margins arrived ahead of our initial plans and represents a positive signal for Eataly and an acceleration of the development path undertaken. In our future, in fact, we expect to continue to grow and improve profitability by strengthening Eataly's presence in the markets in which it is already very strong and continuing with the development of Eataly brand products, thanks also to an excellent team of managers who will contribute to accelerating the development of a unique brand in the world. We also want to continue investing in new openings", concludes Cipolloni , "both in direct management and in concession, increasingly representing a unique window in the world for Italian producers of local excellence".

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