TraWell S p A : Annual financial report as of 31/12/2023 of the Trawell co Group

The TraWell Co. Group

TRAWELL CO. GROUP REPORT AS OF DECEMBER 31, 2023

The TraWell Co. Group

INDEX

A. THE TRAWELL CO. GROUP

1. Presentation of the Group	4
2. Shareholding structure	13
3. Company bodies	14
4. TraWell Co S.p.A. in the Stock Exchange	15

B. REPORT ON OPERATION

1. Management performance, business outlook and continuity of TraWell Co. Group	20
2. Economic and Financial performance of the TraWell Co. Group	25
3. Economic and Financial performance of the parent company TraWell Co S.p.A.	30
4. Other information	33
5. Proposal for approval of the separate financial statements of TraWell Co S.p.A. and	41
allocation of the 2023 result

C. CONSOLIDATED FINANCIAL STATEMENTS OF THE TRAWELL CO. GROUP AS

OF DECEMBER 31, 2023

1. Consolidated financial statement	43
2. Explanatory notes to the consolidated financial statements	47
3. Report of the Auditing Company on the Consolidated Financial Statements	84

D. SEPARATE FINANCIAL STATEMENTS OF TRAWELL CO S.p.A. AS OF

DECEMBER 31, 2023

1. Separate financial statement	89
2.	Explanatory notes to the separate financial statements	93
3. Report of the Board of Statutory auditors on the Separate Financial Statements	118
4.	Report of the Auditing Company on the Separate Financial Statements	122

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The TraWell Co. Group

A. THE TRAWELL CO. GROUP

The TraWell Co. Group

1. Presentation of the Group

The TraWell Co. Group (hereinafter also "The Group") is a multinational corporation operating in the Airport Retail market.

Founded in 1997 and based in Gallarate, TraWell Co S.p.A. is the global leader in airport baggage protection service

The Group operated in 2023 in 13 countries, at 44 airports and 130 points of sales, serving 5 million passengers

TraWell Co has been listed on the FTSE Italia Growth segment on the Milan Stock Exchange since September 2013 and was the first and only company in the world in its sector to be listed

The Company directly or indirectly owns numerous subsidiaries, which are responsible for managing airport operations within their respective countries

TraWell Co currently has a capitalization of approx. 20 million

The Group has	more than 200
employees, considering	the sta at the

headquarters in Italy and the operational sta at the various airports

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The TraWell Co. Group

TraWell Co in the World

44 airports including 22 in Europe (7 in Italy), 18 in Asia and 4 in America. Below are the airports at which the Group operated during 2023

EUROPE (22 airports)

• Italy (through TraWell Co S.p.A.) - Venice, Bologna, Olbia (starting in April with contract for 6 months), Cagliari, Rome, Milan Malpensa and Milan Linate;
• France (through FSB Service Sarl) - Nice, Lyon, Marseille (until March 2023), Toulouse and Bordeaux;
• Portugal (via Fly Safeb Unipessoal Lda) - Lisbon, Porto, Faro, Ponta Delgada and Madeira;
• Switzerland (through Safe Bag Sagl) - Zurich;
• Greece (via Care4Bag) - Athens;
• Estonia (through Pack&Fly Group OU) - Tallinn;
• Czech Republic (through Safe Bag Czech Republic S.r.o.) - Prague;
• Croatia (via Care4Bag Zagreb d.o.o.) - Zagreb (from May 2023)

ASIA (18 airports)

• Russian Federation (through Wrapping Service LLC and Fly Pack LLC) - Sheremetyevo, Sochi, Krasnodar, Kazan, Anapa, Ufa, Yuzhno-Sakhalinsk, Naberezhye Celny, Vladivostok, Krasnoyarsk, Jakutsk, Surgut, Omsk, Kaliningrad (from March 2023), Yaroslavl (from January 2023), Ivanovo (from November 2023), Novokuznetsk (from December 2023);
• Kyrgyzstan (via Pack&Fly Group OU) - Bishkek

AMERICA (4 airports)

• United States (through Safe Bag USA LLC) - Miami;
• Canada (through Safe Bag Canada Inc.) - Montréal, Vancouver;
• Peru (via Safe Bag Latam Peru S.A.C.) - Lima

The services

TraWell Co. Group's offering portfolio is the largest and most innovative in the industry worldwide.

LUGGAGE WRAPPING

TRAVEL GOODS

LUGGAGE TRACKING

MONEYBACK GUARANTEE

CUSTOMER CARE.

LUGGAGE SERVICES

• The protective wrapping film is easy to remove and resistant to water, oil, heat and cold.
• It does not interfere with the airport's baggage handling systems.
• The exterior is smooth for bags to slide smoothly on the conveyor belt.

Items are divided into four	• The tracking service is	TraWell Co. T&Cs are unique	•	Customer care services	TraWell Co. o ers a wide
product categories:	provided by	in both the absolute amount		are provided by	range of baggage services:
		SosTravel.com.	of compensation and the		SosTravel.com.
•	Luggage: suitcases of	• Baggage search using the	range of types of	•	Customer support	• Baggage storage (at 12
	di erent types	SITA system.	compensation for lost,		services are provided by		airports)
•	Electronics: e.g. power	• Customer assistance for	damaged and/or delayed		SosTravel.com and are	•	Lost/unauthorized items
	bank, global adapters,	lost baggage cases: i)	baggage:		available 24/7, 365 days	•	Luggage and document
	reading lights	Assistance in filling out	• Up to € 4,000 in case of		a year.		delivery
•	Security: e.g., padlocks,	forms.	loss	•	Customer service is	•	Luggage weighing
	fanny packs, travel garters	(ii) baggage status checks	• Up to € 1,000 in case of		available in 6 languages:	•	Luggage pickup and
•	Comfort: e.g., neck	and timely updates for	damage		Italian, French, Spanish,		delivery in the city/airport
	pillows, eye masks,	customers.	• From a minimum of 50€		English, Russian, and
	earplugs.	(iii) on-site assistance	per day up to 100€ per day		Portuguese.
		from sta at the airport (at	in case of delivery delay of
		airports served by TraWell	more than 48h, with a
		Co.).	compensation ceiling
			ranging from a minimum of
			500€ up to 1,000€.

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Points of sale

The TraWell Co. Group designs its points of sale in-house, relying on the cooperation of trusted suppliers and using top-quality materials.

Each point of sale has its own unique characteristics and is adapted to the space and needs of airports.

The points of sale vary in size and variety of o erings and are mainly of three types:

• Luggage Wrapping Stations (Stand Alone)
• Kiosks with signs and display cases for travel accessories
• Traditional Points of sale with wide range of products and services for travelers.

STANDALONE (2.5 m )2	KIOSK (flexible)	SHOP (flexible)

E iciency in space utilization in small,	Designed to integrate the o ering with	Traditional store located near the check-
visible spots.	our travelers' goods selection	in or in air-side area.

All point-of-sale types are strategically located in departure areas near the check-in areas of departing passengers, and are designed in order to maximize visibility and propensity to purchase.

The TraWell Co. Group

Communication & Marketing

TraWell Co S.p.A. invests significantly to improve its and the Group's image, creating a strong emotional connection with passengers through a distinctive brand identity. The logo is a key element of success, while the company's points of sales at airports are designed to be stylish and attractive.

Using a variety of communication channels such as printed media, billboards, social networks, mailings, co-marketing, and television, TraWell Co. aims to reach a wide range of audiences both online and offline to maximize brand visibility and impact.

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