Dear Madam, Dear Sir, Dear Investor,

In 2025, Spartoo continued to rigorously adapt its model in a still demanding market environment. The discipline deployed in terms of cost control, investment optimization, inventory management and working capital management enables us to report Adjusted EBITDA up by more than 25%, an EBIT close to break-even and positive free cash flow. At the same time, we continue to optimize the profitability of some of our activities and to develop our third-party services, whose activity grew by 19%.

Our ambition for 2026 will be to continue this momentum of gradually improving profitability while further strengthening our cash generation in what is expected to be another challenging consumer environment.

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