Nabla Spa · MIL:NABLA
Nabla Spa — Investor Presentation (October 2026)
41 slides from Nabla Spa's investor presentation, Oct 21, 2026
Slide 1: Next Gems
Next Gems 21st October 2026 | Investor Presentation | Strictly Confidential
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by NABLA S.p.A. (the “Company”) solely for informational purposes and for use by equity research analysts and institutional investors. This presentation does not constitute, and shall not be construed as, an offer, invitation or solicitation to subscrib
Slide 3: | Investor Presentation | Strictly Confidential
| Investor Presentation | Strictly Confidential 3
Slide 4: Today's Speakers
Today’s Speakers Cristiano De Simone Sergio Amendola Chairman & CEO Chief Financial Officer Founder (2013). Visionary >35 years of professional leadership driving the financial experience. Former company’s digital and Partner at BDO S.p.A. & CFO commercial expansion. at Bomi Group 4 | Investor Prese
Slide 5: Table of Contents
Table of Contents 1 Executive Summary 01 XXXX 6 2 Business Overview 12 3 Financial Overview 20 4 Strategy 25 5 Appendix 29 5 | Investor Presentation | Strictly Confidential 5
Slide 6: Executive Summary
1 Executive Summary
Slide 7: Who We Are
“Who We Are” Founded in Rome in 2013, NABLA is a community-driven (+1M followers), premium Digital-Native Vertical Brand (DNVB), independent Italian landmark with international ambition, operating in the highly lucrative Entry Prestige segment. We combine deep innovation, ethical values and glamorou
Slide 8: What we do
“What we do” FACE EYES LIPS ACCESSORIES Foundation, concealer, primer, Eye palettes, mascara, eyeliner, Lip gloss, lip liner, lipstick, liquid Professional brushes, sponges, powder, blush, highlighter & eyebrow, eyeshadow singles lipstick, lip care & treatment empty refillable palettes, makeup conto
Slide 9: History of Continuous Expansion
History of Continuous Expansion Listing on Entry in Entry in FY20 – FY25 Euronext Rinascente Amazon Shop Digital Growth Milan +12.3% Resilience Entry into Entry in during the Naima & Ethos ** CAGR Pandemic Expansion into and Entry in * the Middle Tik Tok Shop Italia Eastern market Entry in Italian c
Slide 10: Successful IPO and Strong Corporate Governance
Successful IPO and Strong Corporate Governance IPO AT A GLANCE 21 Sept 2026 €3.00 5.5 €M Capital raised First day of trading IPO price per share incl. greenshoe 20.6 €M 26.8% EGM Market cap at IPO Free float Euronext Growth Milan incl. greenshoe incl. greenshoe Ticker: NABLA A HIGH-STANDING BOARD, S
Slide 11: Executive Summary: Key Highlights
Executive Summary: Key Highlights LEADERSHIP IN THE BEAUTY MARKET WINNING STRATEGIC POSITIONING A desirable and inspirational indie brand with strong A trendsetter brand, born digital and vegan, fully brand equity, reputation, and a solid, loyal aligned with the mega-trends shaping the future commun
Slide 12: Business Overview
2 Business Overview
Slide 13: Operating Engine: The Fabless Model
Operating Engine: The Fabless Model Fabless made in Italy, asset-Light Business Model fueled by the freedom to create, innovate, and connect. IN-HOUSE – Value Creation OUTSOURCED - Operations R&D & FORMULA CONCEPT SOCIAL & COMMUNITY MANUFACTURING Executed by top-tier global partners Product vision,
Slide 14: Omnichannel model (Offline-to-Online)
Omnichannel model (Offline-to-Online) DIGITAL CHANNEL TIER-1 RETAIL SINERGY Nabla is present online Presence in premium through its own e- retailers (Pinalli, Sephora, commerce channel, as Douglas) serves as a well as on key digital physical discovery retails (e.g. Sephora. channel, validating the S
Slide 15: Digital Presence (Community at the Core)
Digital Presence (Community at the Core) COMMUNITY PERFORMANCE METRICS PILLARS OF DIGITAL PRESENCE 1M+ RETURNING ▪ Owned media drive scalable Total followers CUSTOMER RATE (2025) growth and full funnel control; Organic growth built over years 47% through authentic listening, ▪ Paid acquisition enabl
Slide 16: Main Nabla B2B Customers
Main Nabla B2B Customers TOTAL B2B REVENUE FY25 TOP CLIENTS BY REVENUE – B2B FY25 MAIN CLIENT NOTES ▪ Pinalli: Leading Italian beauty €10M #1 Client €2.9M retailer, present both in physical #2 Client €1.6M stores and online. Partnership established in 2017, making it B2B Italy, B2B Intra-EU, B2B one
Slide 17: Doors: Growth Path
Doors: Growth Path 700 Retail growth from 2023 to 2025 has 600 been mainly driven by: • retail groups 500 • chains • department stores 35 400 leaving also room to grow further in key domestic retailers, e.g. Sephora. 300 22 200 6 100 - 55 55 66 84 90 206 294 437 - Ecom launch 30 2013 2017 2018 2019
Slide 18: The "Entry Prestige" Sweet Spot
The “Entry Prestige” Sweet Spot Nabla occupies a highly lucrative and defensible quadrant within the global color cosmetics market. By employing a sophisticated "Entry-Prestige" pricing strategy, the brand captures two distinct, massive consumer flows: ■ Trading Down: Aspirational consumers migratin
Slide 19: Average Retail Price Positioning
Average Retail Price Positioning Foundation category benchmark * Indie Entry-Prestige Italia 30 Nabla Cosmetics 32 Global Indie 45 Luxury Legacy 59 Source: Nabla internal data and competitors' websites (*) Computed as the average of- competitors' 10 prices20 30 public40 sourced from websites.50 60 7
Slide 20: Financial Overview
3. +®©4Financial Overview
Slide 21: Focus on Revenues 1H 26
Focus on Revenues 1H 26 €k 1H 25 1H 26 Var. % Revenue breakdown by geography** Total Revenues* 5,671 8,123 43.2% 14% EBITDA 352 503 43.0% Italy EBITDA margin 6.2% 6.2% - D&A (51) (135) 164.7% RoW EBIT 301 368 22.3% EBIT margin 5.3% 4.5% - 86% Net Result 112 236 111.8% * Figure stated net of trade re
Slide 22: Costs Structure 1H 26
Costs Structure 1H 26 €k 1H 25 % on VoP 1H 26 % on VoP Var. % Total Revenues 5,671 100.0% 8,123 100.0% 43.2% COGS (2,084) 36.7% (2,921) 36.1% 40.2% Services (2,114) 37.3% (3,362) 41.4% 59.1% Personnel (767) 13.5% (939) 11.6% 22.5% Rent and Leases (261) 4.6% (349) 4.3% 33.6% Other income (expenses) (
Slide 23: 1H26 vs 1H25 EBITDA bridge
1H26 vs 1H25 EBITDA bridge (€k) 140 (837) 2.312 (1.248) (172) 503 (88) 45 352 EBITDA 1H 25 Increase in Others COGS Services Personnel Rent and Other income EBITDA 1H 26 revenues Revenues Leases (expenses) EBITDA up 151 €k (+43%) to 503 €k, margin stable at 6.2%: revenue growth (+2.5 €M, +43%), drive
Slide 24: Balance Sheet & Cash Flow 1H 26
Balance Sheet & Cash Flow 1H 26 €k 31.12.2025 30.06.2026 Fixed assets 1,402 1,826 Net Working Capital increased to 3.3 €M from 1.5 €M at FY 2025 (+1.9 €M), mainly reflecting higher inventories (5.1 €M vs. 4.1 €M) and trade TNWC 1,379 3,087 receivables (3.0 €M vs. 2.2 €M), while trade payables remain
Slide 25: Strategy
4 Strategy
Slide 26: Internal Growth
Internal Growth Our Roadmap for Future Internal Growth: 5 Strategic Pillars PRODUCT INNOVATION & NATIONAL & INTERNATIONAL DIGITAL CHANNEL DOMINANCE CATEGORY EXPANSION EXPANSION & OMNICHANNEL ▪ Launch pipeline (L.E + ▪ Increase in POS across physical ▪ E-commerce investments (AI, permanent), focus on
Slide 27: Growth Through M&A
Growth Through M&A TARGET PROFILE ▪ Complementary indie brands in adjacent niches (e.g., Skincare, Haircare, Fragrance, Accessories) ▪ Strong, engaged digital community ▪ Lacking robust B2B distribution capabilities and supply chain efficiency SYNERGY LOGIC ▪ Unlock instant gross margin improvement
Slide 28: The Nabla Team
The Nabla Team | Investor Presentation | Strictly Confidential 28
Slide 29: Appendix
5 Appendix
Slide 30: The "Hero Product" Strategy
The “Hero Product” Strategy Nabla’s R&D focuses on creating "Hero Products“, category-defining products that become iconic to the brand. These generate recurring revenues independently of seasonal and fluently trends and a portfolio pull (one strong hero drives discovery and sales across the entire
Slide 31: The "Hero Product" Strategy
The “Hero Product” Strategy SMOOTHING POWDER FRECKLE MAKER 2019 2021 Three shades of a lightweight Freckle Maker is a weightless and super fine pressed powder tint designed for drawing on that provides the skin with a freckles in a few seconds. A breathable and natural matte trend settler that led t
Slide 32: Distinctive Packaging & Design
Distinctive Packaging & Design FUNCTIONAL & PREMIUM LOOK & FEEL PRACTICAL FORMATS Elegant design with Compact, versatile strong attention to packaging designed for textures and sensoriality everyday usability AUTHENTIC & ICONIC & COHESIVE DESIGN-LED PRODUCT CONSISTENT EXECUTION AESTHETICS EXPERIENCE
Slide 33: Historical Income Statement
Historical Income Statement Currency €/000 FY24A FY25PC FY24A FY25A Revenues increased by € 1.8m (+14.7%) between FY24 and FY25. The Revenues 12,511 14,354 growth is primarily driven by B2B sales (+ € 966k), mainly supported by YoY Growth 3.8% 14.7% entry into Italian groups (e.g. Naima and Ethos),
Slide 34: Historical Income Statement: Main Costs Structure
Historical Income Statement: Main Costs Structure Currency €/000 FY24A FY25A FY24A FY25PC Revenues 12,511 14,354 COGS COGS (4,757) (5,004) The cost of good sold incidence on revenues is decreasing by 3.2 p.p.. The cost of goods sold is primarily driven by higher finished products and Services (4,292
Slide 35: Historical Balance Sheet
Historical Balance Sheet Currency €000 FY24A FY24PF FY25A FY25PC Fixed assets 617 1.402 Nabla operates an asset-light business TWC 2.466 1.378 model, in which working capital represents NWC 2.618 1.465 the most significant component of invested Severance fund (191) (211) capital. This translates int
Slide 36: Net Working Capital
Net Working Capital Currency €000 FY24A FY25PC FY24PF FY25A Inventory 3.613 4.116 Inventory increased over the period to support the Trade receivables 461 2.160 Company's sales growth trajectory. The elevated DOI is Trade payables (1.608) (4.897) structural in nature, reflecting Nabla's sourcing mod
Slide 37: ESG & Sustainability Commitment
ESG & Sustainability Commitment Nabla’s ethics are naturally aligned with the strictest ESG criteria demanded by institutional capital and modern consumers actively integrating circularity into its core strategy. Commitment to sustainable growth ensures brand longevity and mitigates regulatory risks
Slide 38: Organization Chart
Organization Chart Board of Directors Creative & Brand Dir. CEO CFO Serena Senise Cristiano De Simone Sergio Amendola Visual & Marketing / Product Dev. & Sales Operations IT Regulatory Admin & Packaging E-Commerce Social / PR Purchase (6) (2) (2) Affairs Finance Design (2) (6) (5) (6) (2) (4) Produc
Slide 39: Shareholding Structure & Corporate Governance
Shareholding Structure & Corporate Governance Shareholding Structure Corporate Governance The Company is managed by a Board of Directors consisting of 6 members: N. Ordinary Shares % on Ordinary Shareholders Shares Board Members Role Genesis S.r.l.* 5,000,000 73.2% Cristiano De Simone Chairman Marke
Slide 40: How NABLA's R&D works
How NABLA’s R&D works THE R&D ENGINE OUR COMPETITIVE ADVANTAGE 100% in-house A fully internal R&D structure enables a continuous, Our R&D model enables a brand capable of anticipating, integrated process that strengthens and evolves the brand’s inspiring, and innovating — translating into a strong a
Slide 41: Nabla's positioning: Indie Entry-Prestige
Nabla’s positioning: Indie Entry-Prestige Legacy Luxury development The luxury segment is prioritizing margin preservation over volume growth, therefore opening space for agile indie entry-prestige players. Nabla is well-positioned to capture this displacement, riding both market share gains and fav