INTERIM RESULTS For the Six Months ended 30 September 2019

Highlights

2

* The Group adopted IFRS 16 from 1 April 2019 but has not restated comparatives for the prior year’s reporting period.

FY2019 H1 FY2020 H1 Change FY2020 H1

reported reported excl. IFRS

16 impact

Net sales (million €) 595.4 727.2 +22.1% 727.2

Net sales growth at constant rates +19.0%

Gross profit margin 82.4% 81.2% -1.2 pp 81.2%

Operating profit margin 1.0% 5.7% +4.7 pp 5.5%

Net profit margin 0.9% 3.5% +2.6 pp 4.0%

Earnings per share (€ per share) 0.005 0.017 +240.0% 0.020

Accounting and comparability matters

3

Already in FY2020 H1

Cash / non-cash

Recurring / one-off

Lease accounting under IFRS 16 Yes Non-cash Recurring

ELEMIS acquisition costs through P&L Yes Cash One-off

ELEMIS purchase price allocation No

ELEMIS amortization of customer relationships No Non-cash Recurring

Accounting treatment of fiscal depreciation of LimeLife and ELEMIS goodwills

Yes (LL) No (Ele) Non-cash Recurring

Swiss tax rate Yes Cash Recurring

IFRS 16 Impact on Net Profit & Balance Sheet

* assumed the same effective tax rate percentage as in the reported profit for the period ended 30 September 2019.

4

FY2019 H1

FY2020 H1

FY2020 H1 Growth % Growth %

reported reported IFRS 16 impacts

excluding IFRS 16 impacts

reported excluding IFRS 16 impacts

€ '000 € '000 € '000 € '000 Net Sales 595,385 727,157 727,157 22.1% 22.1%

Cost of sales (104,857) (137,047) (137,047) Gross profit 490,528 590,110 590,110 20.3% 20.3% Operating profit 5,812 41,771 1,951 39,820 618.7% 585.1%

Finance costs, net (1,687) (10,691) (6,843) (3,848) Foreign currency gains / (losses) (1,536) 1,618 (405) 2,023

Profit before income tax 2,589 32,698 (5,297) 37,995 1163.0% 1367.6% Income tax expense 2,999 (7,460) 1,208 (8,668)* -348.7% -389.0%

Net profit 5,588 25,238 (4,089) 29,327 351.6% 424.8%

Total Assets (€ mil) 1,294 2,379 408 1,971 83.9% 52.4%

Net (Cash) / Debt (€ mil) (164) 905 432 474 -650.7% -388.1%

6

151

0

20

40

60

80

100

120

140

160

FY2019 H1 FY2019

Operating profit (million €)

595

1,427

0

200

400

600

800

1,000

1,200

1,400

1,600

FY2019 H1 FY2019

Net Sales (million €)

42%

Seasonality: low profit contribution from 1H

5

4%

L'Occitane en Provence

76.3%

Elemis 11.6%

LimeLife 5.6%

Others 6.5%

H1 Net Sales Breakdown

By Business Segment By Geography By Brand

* Others include emerging brands Melvita, Erborian and L'Occitane au Brésil.

*

Sell-out

66.1%

Sell-in 33.9%

USA 18.4%

Japan 14.7%

UK 10.6%

China 10.5%

Hong Kong 8.0%

France 6.7%

Brazil 3.6%

Russia 3.1%

Taiwan 2.1%

Other countries

22.3%

6

7

(1) Others include LimeLife, marketplaces and other service sales. (2) Excluding the impact of foreign currency translation effects.

H1 net sales up 19.0% at constant rates (22.1% at reported rates)

0

50

100

150

200

250

300

350

400

Compstores

Non-compstores & others

Sell-in FX rates

million €

H1 FY2019

H1 FY2020

5%

local currency growth: 19.0%

currencies: 3.1%

Contribution to growth (2) : 23%

73%

+2%

+20%

+52%

(1)

overall sales growth: 22.1%

0

50

100

150

200

250

France UK USA Brazil Russia

H1 FY2019 H1 FY2020

3% 48% 23% 2%

+7%

+26%

3%

+10% +15%

Contribution to growth (1) :

+235%

million €

8

(1) Excluding foreign currency translation effects. (2) Excluding ELEMIS, growth in the UK was +10.8% at constant rates. (3) Excluding ELEMIS, growth in the US was -5.1% at constant rates.

H1 sales growth by geography – Americas and Europe (at constant rates)

(2)

(3)

0

50

100

150

200

250

Japan Hong Kong China Taiwan Othergeographic

areasFX rates

H1 FY2019 H1 FY2020

4% -3% 8% 0% 13%

+4%

-6% +13%

+3%

+10%

Contribution to growth (1) :

million €

9

H1 sales growth by geography – Asia and others (at constant rates)

(1) Excluding foreign currency translation effects.

10

(1) Including own E-commerce

Same store sales growth profile (1)

H1 FY2020 compared to H1 FY2019

1.3% 5.4% 7.6%

-3.0% -0.6%

2.0%

-0.3%

-19.0%

5.7% 1.9%

5.4% 1.7%

Japan Hong Kong China Taiwan Othergeographic

areas

Group

H1 FY2019 H1 FY2020

-4.6% -0.8%

3.3% 6.4% 4.2% 6.7% 2.7%

-4.0%

1.0% 4.1%

France UK USA Brazil Russia

Profitability analysis

11

% of net sales

FY2019 H1 FY2020 H1 Change

Gross profit margin 82.4 81.2 (1.2)

Distribution expenses (55.0) (50.4) 4.6

Marketing expenses (14.6) (12.7) 1.9

Research & development expenses (1.4) (1.4) 0.0

General & administrative expenses (10.5) (10.9) (0.4)

Other gains 0.1 0.0 (0.1)

Operating profit margin 1.0 5.7 4.7

Gross margin (as % of net sales)

12

82.4%

-1.7 -0.2 -0.1 +0.1 +0.1 +0.2 +0.4

81.2%

FY2019 H1 Brand mix promotools

newfactory inBrazil &others

pricingproduct

mix

obsole-scence

production& freight& duties

FX FY2020 H1

Distribution expenses (as % of net sales)

13

(55.0%)

-0.3 -0.1 +0.3 +0.3 +0.3 +0.5 +3.6

(50.4%)

FY2019H1

LimeLifeinvest FX

phasing&

others IFRS 16

Leverage&

efficiencychannel

mixBrand

mixFY2020

H1

Marketing expenses (as % of net sales)

14

(14.6%)

-0.1 +0.3 +0.3 +0.6 +0.8

(12.7%)

FY2019 H1 otherbrand

mix phasing

leverage,efficiciency,

teams

advertising,events,tools,CRM FY2020 H1

General & admin expenses (as % of net sales)

15

(10.5%)

-0.7 -0.3 -0.1 +0.1 +0.1 +0.5

(10.9%)

FY2019 H1Acquisition

costs Investone-off &litigations others FX

brandmix FY2020 H1

Operating profit margin (as % of net sales)

16

1.0%

+2.3

+1.4

+1.2 +0.5 +0.4 +0.4 +0.3 -0.9

-0.9

5.7%

FY2019 H1 brandmix

leverageefficiency

TargetedControlledMarketing

FX Phasing Channelmix

IFRS 16 Acquisitionfees

& others

Otherinvest

FY2020 H1

Working capital ratios

17

Inventory turnover days

302

+11 +13 -40

286

FY2019 H1 Existingbrands

FX ELEMIS FY2020 H1

as at: FY2019 H1 FY2020 H1 Change

Inventory turnover days (based on cost of sales) 302 286 -16

Trade receivables turnover days (based on net sales) 33 38 5

Trade payables turnover days (based on cost of sales) 204 200 -4

Cash Cycle (days of net sales) 51 54 3

(1) Net Operating Profit After Tax # / Capital Employed (2) Net profit attributable to equity owners / shareholders' equity excluding minority interest (3) Current assets / current liabilities (4) Current assets - stocks / current liabilities (5) Total debt / total assets (6) Net debt / (total assets - total liabilities) * 100%

# NOPAT = (Operating Profit + foreign currency net gains or losses) x (1 - effective tax rate) Capital Employed = Non-current assets - (deferred tax liabilities + other financial liabilities + other non-current

liabilities) + working capital

Balance sheet ratios

Reported Excl. IFRS 16

impacts Reported

FY2019 H1 FY2020 H1 FY2020 H1 Profitability Return on Capital Employed (ROCE)(1) 1.3% 2.1% 1.7% Return on equity (ROE)(2) 0.8% 2.9% 2.5%

Liquidity Current ratio (times)(3) 2.6 1.5 1.2 Quick ratio (times)(4) 1.8 0.9 0.7

Capital adequacy Gearing ratio(5) 7.1% 25.9% 39.6% Debt to equity ratio(6) net cash position 44.0% 84.5%

18

Capital expenditures (excl. acquisitions of subsidiaries and financial investments)

19

22.4

8.0 13.0

1.7

45.0

17.8

8.8 12.1

0.0

38.7

stores Info.Tech.

factoriesR&D

others Total

million €

FY2019 H1 FY2020 H1

20

Strategic review

Skincare Positioning Omni-channel Experiences

Multi-brand Strategy Targeted Investments

Engaging Marketing Campaigns Sustainability

- Immortelle Reset serum on track to sell 1 million units for the full year

- ELEMIS will further bolster the skincare segment

- Further diversification of brand mix is expected

- ELEMIS’ market expansion is imminent

- Each brand encouraged to be autonomous while identifying synergies

- Leveraged expertise of local marketing teams to create culturally-relevant and impactful campaigns

- Successful “Balloon Journey” brand event held for a second year to an expanded number of cities

- Aim to provide a seamless path-to-purchase online and offline

- Created exciting retail experiences in key cities such as Tokyo and London

- Focus on profitability evident in disciplined and targeted investments

- Marketing investments are concentrated on major campaigns, products and channels

- Sustainability is prioritized at every step of the value chain

- Expanded agreement with Loop Industries to transition to 100% sustainable PET plastic packaging earlier than expected

21

Outlook

“Pulse” Strategy Multi-brand Group Holiday Season

- Continue to execute the “Pulse” strategy to build trust, achieve sustainable growth and enhance profitability

- Expect to see enhanced profitability with targeted investments and the consolidation of the ELEMIS brand

- Operate as multi-brand group where unique brand identities are celebrated and common values shared

- Brands stay autonomous and agile while seeking synergies

- Upcoming holiday season remains a key period

- Strong marketing calendar and targeted investments should further energize the Group’s profitability drive

The Group remains confident to pursue its mission to be a leader in the affordable premium beauty space and deliver long-term value to its shareholders

22

This document is for information purposes only without any binding effect; in case of any inaccuracies, incompleteness or inconsistency with other documents, only the Company’s latest issued annual or interim report for detailed financials shall prevail and shall be deemed to be the only official document. The financial information and certain other information presented in a number of tables have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers.

Disclaimer