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    David Kanen

    Research Analyst at Kanen Wealth Management

    David Kanen is the President and Portfolio Manager of Kanen Wealth Management, specializing in value-based investment strategies and active portfolio management across diverse public equities. He has directly covered and taken significant activist positions in companies such as Build-A-Bear Workshop, BBQ Holdings, The One Group Hospitality, Astea International, CarParts.com, Lazydays Holdings, Aqua Metals, and The Real Good Food Co., collectively owning shares worth tens of millions and often ranking among leading activist investors in small- to mid-cap sectors. With a career spanning over three decades, Kanen began at A.G. Edwards & Sons, worked with several other brokerages from 1988 to 2012, and founded Kanen Wealth Management in 2016; his performance includes substantial shareholder value creation, as illustrated by insider holdings valued at over $99 million. Registered as an Investment Adviser with FINRA (CRD# 1807794), Kanen holds appropriate securities licenses and is noted for his leadership in shareholder engagement and governance initiatives.

    David Kanen's questions to NATUZZI S P A (NTZ) leadership

    David Kanen's questions to NATUZZI S P A (NTZ) leadership • Q3 2024

    Question

    David Kanen of Kanen Wealth Management asked a series of questions regarding recent business trends, operational efficiency, and growth opportunities. He sought clarification on the improved order flow in Q4, the financial impact of the China factory relocation, the potential scale of the new contract division, and the company's new operating breakeven point.

    Answer

    CEO Antonio Achille confirmed a positive order trend in the last 10 weeks but remained cautious. He detailed that the China factory move, completed in September, is expected to yield a 200-300 basis point margin improvement materializing in 2025. Achille projected the new contract division could reach a 'EUR 20 million kind of ballpark' in revenue at a steady state and would be margin-accretive. He also affirmed that the company's operating breakeven point has been lowered to approximately EUR 75 million per quarter, implying significant profitability on revenue above that level.

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    David Kanen's questions to NATUZZI S P A (NTZ) leadership • Q2 2024

    Question

    David Kanen of Kanen Wealth Management inquired about the deployment of capital from the High Point building sale, the potential for a market recovery in China, the strategy for the wholesale gallery business, the new focus on the "trade and contract" channel, long-term U.S. store growth potential, and the company's e-commerce strategy.

    Answer

    CEO Antonio Achille stated the $12.1M in proceeds will prioritize restructuring and then selective U.S. retail expansion. He noted the China market remains soft but is hopeful about government stimulus, while highlighting new store commitments from local partners. He confirmed a net increase in galleries and a focus on upgrading existing ones. Achille and Chairman Pasquale Natuzzi detailed a revamped "trade and contract" strategy, moving from selling "products to projects" with new collections, in-store design studios, and dedicated teams, citing a recent multi-million dollar hotel contract. While acknowledging massive long-term U.S. store potential, Achille stressed a prudent, gradual expansion. He also conceded that the e-commerce strategy, particularly for Natuzzi Editions, is an area for future development.

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