George Melas-Kyriazi • MKH Management

Question 1

George Melas-Kyriazi's questions to Natuzzi SpA (NTZ) leadership • Q4 2024

Apr 24, 2025

Question

George Melas-Kyriazi inquired about the systems and tools supporting the company's retail transition, what has been learned from new analytical capabilities, the path to profitability, and any U.S. retail expansion plans for 2025-2026.

Answer

Chairman Pasquale Natuzzi and CEO Antonio Achille responded. Pasquale Natuzzi detailed new systems that enable store-level diagnosis of traffic and conversion, allowing for rapid merchandising and training adjustments. Antonio Achille addressed profitability, estimating a breakeven revenue level of around €340 million due to an improved cost structure. He also stated that the priority for 2025 is organic growth and nurturing recently opened stores, not further expansion.

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Question 2

George Melas-Kyriazi's questions to Legacy Housing Corp (LEGH) leadership • Q2 2024

Aug 9, 2024

Question

George Melas-Kyriazi of MKH Management requested more color on production improvements at the Georgia plant, its sales mix, an update on the Texas plants, and the performance of the company's own retail dealerships.

Answer

Executive Robert Bates provided a detailed update on the Georgia plant, stating they have fixed historical quality issues and are winning back customers with a new sales team. Production was increased in July, with a focus on selling tiny homes to RV parks. He noted Georgia sales are currently mostly to parks. For Texas, he mentioned some dealers are performing exceptionally well while others lag, and the park business is starting to see orders pick up. Bates acknowledged that the company's 12 retail dealerships have underperformed but are now a key focus, with changes being made to embrace technology and internet marketing to improve results.