First Quarter 2024 results

• Revenues of €30 million, compared to €32 million in 1Q 2023
• EBIT of €1.5 million, compared to €3.2 million as of March 31, 2023
• The quarter closes with a net profit of €0.4 million
• Net Financial Position remains stable compared to

December 31, 2023 Rome, June 7, 2024 - The Board of Directors of ILBE (Iervolino and Lady Bacardi Entertainment) - a company active in the production of film and television content (Euronext Growth Milan - IT0005380602 - IE and Euronext Growth Paris - IT0005380602 - ALIE) - met today and reviewed and approved the Group's financial results for the first quarter ended March 31, 2024.

The quarter closed with revenues of €29.6 million, nearly in line with the first quarter of the previous year (€32.5 million), mainly due to deliveries of BP&B's animatics and animation productions and ILBES services for Puffins: Impossible. In this regard, ILBE recently announced that V Channels - the largest network of channels for films and VoD (Video on Demand) on YouTube
- will distribute its animated series.

The operating margin (EBIT) is €1.5 million compared to €3.2 million as of March 31, 2023 - representing 5.0% of revenues (10% in the first quarter of 2023), due to the amortization of productions delivered in previous years (which did not generate revenue in 1Q24). The period closes with a net profit of €0.4 million (€2.5 million in 1Q 2023) as a result of lower EBIT but also due to the increase in financial charges (+144%) related to higher interest rates.

The Net Financial Position as of March 31, 2024, remains stable compared to the value as of December 31, 2023, and amounts to €40.2 million, adjusted for the net effect of €2.2 million from IFRS 16 related to new lease contracts (vs. €39 million as of December 31, 2023). As of March 31, 2024, equity amounts to €94 million, compared to €93.6 million as of December 31, 2023.

The trend of the main KPIs for the upcoming quarters of 2024 is confirmed to be in line with the company's expectations and strategies