!! 𝗨𝗣𝗗𝗔𝗧𝗘 !! We opened a dialogue to discuss strategy, governance, and long-term value. The company’s response was limited, transparency remains a priority. The full correspondence is now available for shareholders to review. Full correspondence: https://t.co/kuyyYURYNU

Read our full Position Paper to dive into data, strategy, and upside. FULL REPORT AVAILABLE: https://t.co/TqhjCkjSGD (25/x)

The company starts to deleverage. Governance cleaned up. $DOMS is public. The market just missed it. The opportunity is hiding in plain sight. And the window won’t stay open forever. (24/x)

CEO Massimo Candela has hinted at this publicly in June 2025. The synergies between $FILA and $DOMS span manufacturing, brand strength, distribution, and cost base. It’s vertical, complementary, and profitable. https://t.co/h4S5Ay2Q4z (23/x)

Investors talk about catalysts. A 6% sale of $DOMS could trigger a re-rate. But the real alpha may come from increasing the stake not reducing it. Why? Because the synergy is real. FILA + DOMS is already playing out. A combined platform would lead the category globally. (22/x)

Scenario 2: $DOMS isn’t just financial. It’s strategic. $FILA and $DOMS are industrially integrated. - ROCE tells the story: FILA alone = 7.85%. DOMS = 24.3%. - Blended = 14.17%. That's >400bps above the cost of capital. (21/x)

Scenario 1: $FILA is a cash-generative core business, and $DOMS is a pure financial asset. - DOMS stake: €396M. - FILA’s total EV: €580M. Subtract the $DOMS stake, and you’re paying just €185M for the entire $FILA core. (20/x)

We think that there are two different ways to look at $FILA's valuation. Both lead to the same conclusion: this company is severely mispriced. (19/x)

To satisfy global demand, FILA has a structured global supply chain with: - 22 production facilities - 32 sales subsidiaries scattered globally. In $FILA’s FY2024 Financial Statement, the company report displays the following map. (18/x)

TODAY $FILA is a €600M revenue company generating €40–50M in FCF annually with a clear path to expansion through $DOMS. It operates in 150+ countries and dominates the fine art paper and pencil space. It owns iconic brands like #Ticonderoga, #Lyra and #Giotto. (17/x)

The relationship is industrial, not just financial. The two companies share strategy, board seats, and governance alignment. This is vertical integration. $DOMS represents the future. And right now, the market assigns it zero financial and strategic value. (16/x)

This isn’t a passive holding. $DOMS now manufactures for $FILA. Products made in India will be exported worldwide under the $FILA and $DOMS brands. Better cost structure. Better margins. More flexibility. $DOMS is also growing independently and expanding into baby-care. (15/x)

By 2023, the vision about INDIA started to pay off. $DOMS IPO’d and $FILA took €70M off the table to pay back debt. Today it still holds 26% which is worth ~€400M. That stake nearly equals $FILA’s entire market cap. Market ignores $DOMS like it's invisible ink. (14/x)

Underneath the noise, the machine kept working. Candela didn’t lose the plot, the market just stopped reading it. The market punished the narrative. But it forgot to re-check the numbers. We didn’t. (13/x)

2018 brought Trump’s tariffs, Brexit chaos, and market volatility. Despite it all, the stock held. But 2020 changed the game entirely. COVID shut down schools, $FILA’s core market. A leveraged company suddenly had no revenue visibility. (12/x)

That same year, $FILA made its largest acquisition: Pacon Holding Company a Wisconsin-based arts and crafts supplier. The deal cost €340M financed by €520M in debt. To offset the debt $FILA raised €100M through a capital increase but the timing couldn’t have been worse. (11/x)

$FILA's story turned in 2018. What came next was turbulence in BIG waves. A family dispute escalated between the CEO and his sister over $FILA's parent company, Pencil Srl. Activist rumors swirled. Legal battles followed. Uncertainty hit. Not ideal for a public company. (10/x)

The listing gave $FILA a trampoline. It wasted no time: In 2016 alone, the company added 4 new brands to its portfolio. The art supply division exploded in scale. The market noticed. Investors loved the story. (9/x)

A new phase began, with public market scrutiny and aggressive expansion ahead. The ambition was bigger than ever: - Grow faster - Get leaner - Convert cash - Go global (8/x)

Candela’s playbook worked. $FILA scaled. Margins improved. Revenue diversified. Cash generation became a core feature. But until 2015, it was still private. That changed when $FILA went public via SPAC: https://t.co/kAnTcIWH7H (7/x)