Message from the CFO

Kevin Aubert

Group CFO

“When markets shift, leaders don't follow. They invent.”

The environment we are navigating in

The affordable jewelry market is facing a confluence of structural pressures: sustained raw material inflation, evolving consumer expectations, and a macroeconomic context that continues to test household purchasing power across all our geographies. These are not temporary headwinds, they are the new conditions of our industry, and they demand a long-term strategic response.

THOM Group enters this period from a position of strength, with leading brands across Europe, a proven multi-country model, and a finance function that has consistently demonstrated its ability to support decision-making and deliver in complex environments. But strength is only valuable if it translates into actions, Project Poséidon is how we turn ours into results.

Project Poséidon — our transformation program for Timeless activities

At the heart of our agenda is Project Poséidon: a 360-degree transformation program designed to restore our gross margin through a fundamental evolution of our product mix and commercial proposition. Its ambition goes well beyond cost management: we are reshaping the way we create and deliver value to our customers.

Affordability is our DNA. It has never been a constraint; it has always been our competitive edge. When gold prices surged in the past, THOM was the pioneer that introduced 9-carat gold at a time when the entire industry was anchored to 18-carat and had no choice but to price customers out of the market. We did not follow the market upward. We engineered a new entry point and kept jewelry accessible to everyone.

We are doing it again. Project Poséidon is our next revolution: a new value proposition that preserves the purchasing power of our customers while restoring the financial performance of our leading brands.

This requires exceptional financial rigour, disciplined capital allocation, and a relentless focus on cash generation.

Fashion & Specialist — a strategic business diversification

Beyond the transformation of our core business, we are accelerating the development of our Fashion & Specialist division, hosting Agatha and a portfolio of distinctive brands with strong identity and real growth momentum.

This is a strategic conviction, not a tactical adjustment. These brands address different customer occasions, different designs, and different market dynamics. They carry strong international potential and offer THOM a genuine platform to expand its relevance beyond its historic strongholds. Agatha in particular embodies decades of brand equity that we believe is significantly underleveraged and we intend to change that.

Developing this division with the same operational rigour and brand discipline that built our Timeless segment is a defining priority. It broadens who THOM is, and it opens new avenues for long-term, sustainable growth.

The Finance Function – A trusted sparring partner

Executing a transformation of this scale requires a finance organization that is both deeply embedded in operations and actively contributing to the elaboration of the Group’s strategic vision.

Our finance organization rests on a clear principle: the closer to the operations, the better the decision.

Country finance teams are co-pilots: they are active participants in operational and strategic decision-making, monitor execution with precision, and surface risks always one step ahead. At Group level, we ensure our strategic priorities are implemented consistently across all regions and divisions, with the appropriate level of standards. This strategic alignment, combined with strict financial discipline, gives our stakeholders a high degree of confidence in our execution capabilities and forward visibility.