OVS (AO) | Buy | Transitioning internationally with positive 2026 outlook

Research evidence excerpt

OVS (AO) | Buy | Transitioning internationally with positive 2026 outlook

Italian Investment Conference Feedback

Release date: 20 May 2026

Filippo Piva

Equity Research Analyst

Buy +39 02 80 62 80 09OVS fpiva@keplercheuvreux.com

Italy | Textile & apparel Beta Profile: MCap: EUR1.3bn

Target Price: EUR5.90 Bloomberg: OVS IM Reuters: OVS.MI

Current Price: EUR5.24 Free float 64%

Up/downside: 12.6% Avg. daily volume (EURm) 3.8

YTD abs performance 7.9% Market data: 19 May 2026

52-week high/low (EUR) 5.45/3.44

Transitioning internationally with positive 2026 outlook

Key points

Management showed confidence in the group’s future prospects across both brands and international expansion opportunities,

with the strategic objective of reducing its dependence on the Italian market.

Key focus was on the YOY trading trajectory, with management highlighting a strong Q1 2026 performance both at the group level

and for GoldenPoint, while also providing additional colour on gross margin dynamics.

GoldenPoint still offers significant room for expansion, currently generating around EUR5,000 in sales per sqm versus

approximately EUR10,000 per sqm achieved by key competitors (i.e., Intimissimi).

Speaker

Speaker Name: Stefano Beraldo, CEO; Enrico Giacomazzi, IR

Temperature

Well-attended meetings, with investors mainly focused on obtaining an update on Q1 2026 and May trading performance,

strategy and growth opportunities. The CEO appeared confident and optimistic regarding the group’s medium-term prospects,

particularly with respect to further expansion in the women’s segment and internationally (i.e., Mexico, Philippines, Japan, etc.).

Company’s pitch

OVS has long been perceived as a brand mainly exposed to the kids’ and men’s segments. Over recent years, however, the group