Dear Madam, Dear Sir, Dear Investor,

In a particularly challenging market environment, especially for e-commerce players and more broadly for the ready-to-wear and distribution sector affected by the significant decline in purchasing power, the results we are publishing today demonstrate the resilience of our balanced model in terms of offering, geographic coverage, and distribution network.

Active management of our inventory, combined with an optimized investment policy, enabled us to record a positive adjusted EBITDA as well as an improvement of over €20 million in our free cash flow. While our online activity experienced a slight slowdown due to the persistently depressed consumer environment, our offline activity continues its strong growth momentum driven by openings of new stores and corners, as well as our third-party services activity providing transport agent services for our e-commerce clients.

Our ambition for 2024 will be to continue to adapt our business to changes in demand, in order to generate positive free cash flows.

Boris Saragaglia, Spartoo's co-founder, Chairman and Chief Executive Officer