BREAKING NEWS

Through the press release published on May 13th, 2026, Pozzi Milano SpA, a company active in the tableware segment and owner of the “EasyLife” and “Mascagni Casa” brands and, through its subsidiary Pozzi Brand Diffusion Srl, of the historic “Pozzi” and “Castello Pozzi” brands, announced the signing of a binding offer, subject to the occurrence of certain conditions precedent, aimed at the acquisition of the business branch consisting of the “Ex Unitable Division” of Thun SpA, a historic company founded in Bolzano in 1950 and part of the Lenet Group, active in the home décor and quality giftware segment. The Business Branch involved in the Transaction operates in the design and home décor segment, standing out for its “affordable premium” positioning and for a diversified offering spanning multiple product lines and brands characterized by distinctive and complementary identities. The scope of the Business Branch includes a significant portfolio composed of four brands: “La Porcellana Bianca”, “Rose & Tulipani”, “Rituali Domestici” and “Domino”. These brands are already widely recognized within their respective reference markets and benefit from a well established commercial positioning, together with the related intellectual property rights, including national and international registrations, internet domains, logos, product know-how and any additional related distinctive assets. In detail: La Porcellana Bianca targets the mid-to-high-end tableware segment through an elegant and timeless style inspired by Tuscan tradition and the culture of conviviality; Rose & Tulipani, on the other hand, addresses a broader and more everyday target through a creative and decorative offering focused on an informal and customizable table setting; Rituali Domestici operates in the home décor segment with contemporary-design collections aimed at consumers attentive to aesthetics and space personalization; Lastly, Domino completes the offering with a modern tableware proposal distinguished by a strong focus on design and material quality. In addition to the brands and the related intellectual property rights, the scope of the Transaction will also include the inventory as of May 31st, 2026, agreements with landlords, customers and suppliers, agency agreements, as well as employees in force at the closing date, which is currently expected by the end of July 2026. The Acquisition will also include the improvements and furnishings of the Milan headquarters, together with the content and structure of the e-commerce website named “THUN Casa”, excluding the related domain name, as well as the additional commercial channels currently in operation. Financial agreements, as well as salaries relating to May 2026 and commissions accrued by agents on sales completed by May 31st, 2026, are instead expressly excluded from the scope of the Transaction. As of December 31st, 2025, based on preliminary data provided by the seller and currently subject to due diligence activities and review by the auditing firm, the Business Branch recorded revenues of approximately € 7.50 million, of which around one third was generated in foreign markets, as well as an EBITDA of approximately € 1.00 million, corresponding to an EBITDA Margin of 13.9%. As of the same date, the Business Branch employed 10 people, while inventories amounted to approximately € 3.80 million and total liabilities to approximately € 0.30 million. The Acquisition is also subject to the occurrence of certain conditions precedent typical of transactions of a similar nature, to be satisfied by July 6th, 2026, including, inter alia, the successful completion of the due diligence activities, the execution of a definitive agreement on the contents of the SPA (Sale and Purchase Agreement) and the related representations and warranties in line with market practice, as well as the obtaining of a waiver from the seller’s lending banks in relation to the transfer of the Business Branch. The Agreement also defines the terms for the completion of the Transaction, which will take place against the payment of a consideration determined on the basis of a formula linked to market multiples and, in any case, ranging between a minimum of € 4.50 million and a maximum (“Price Cap”) of € 7.00 million. The consideration will be determined according to a cash free/debt free structure, therefore assuming the transfer of the Business Branch without financial debt or cash and cash equivalents. The consideration will be paid entirely in cash through a mix of own resources and third-party financing arrangements to be defined by the management at the closing date. In particular, the payment of a first tranche equal to 50.0% of the consideration is envisaged at signing, subject to the completion of the due diligence activities and the fulfilment of the conditions precedent set out in the binding offer, followed by a second tranche equal to 25.0% by October 15th, 2026 and a final tranche equal to the remaining 25.0% by December 15th, 2026. In conclusion, the Transaction fits within the broader external growth and strategic strengthening path pursued by Pozzi Milano in the lifestyle and home décor segment, further accelerating the Group’s development through the integration of a portfolio of complementary brands characterized by strong brand recognition, distinctive identities and synergistic positioning. In this context, the Acquisition will significantly strengthen the Company’s presence in the reference segment, leveraging diversified production chains that are largely not exposed to Far East sourcing dynamics. The Transaction will also contribute to broadening the coverage of different customer segments and further consolidating the Group’s presence both in the domestic market and internationally, generating potential benefits in terms of operational efficiency, logistics optimization and the development of industrial and commercial synergies. Pending further details on the evolution of the Transaction and the completion of the closing process, the news is to be considered positive and, at the current stage, we confirm our positive view on the stock: target price of € 1.25, BUY rating, Medium risk.

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