Official statement

OFFICIAL STATEMENT OF HIPERCOSMO S.L.

In response to the statement of INGLOT S.A. of 30 July 2026

Barcelona, 10 August 2026.

On 30 July 2026, INGLOT S.A. issued a global statement concerning the termination of its cooperation with Hipercosmo S.L. We welcome one element of that statement: INGLOT now publicly confirms that this was a partnership of more than fifteen years. The rest of INGLOT's statement omits the facts that explain the present dispute. We set them out below.

INGLOT's statement refers to the markets of Spain, Portugal and Andorra. In each of them, the presence of the INGLOT brand was built with our investment: own stores, spaces in the leading perfumery chains, national advertising campaigns and e-commerce. Every product we distributed over fifteen years was manufactured by INGLOT and purchased directly from INGLOT.

We have never denied that a balance existed. The statement omits, however, that the amount was disputed in good faith, and that the balance was subject to a repayment arrangement agreed between the parties. According to our calculations, at the relevant date under that arrangement the balance stood within the agreed level. At no point did INGLOT present a joint reconciliation of accounts. It presented unilateral payment demands, and then a termination, almost four years before the end of the agreed term.

There is no need to take our word for the existence of an agreed schedule. INGLOT's own financial statements for 2024, filed in the public registry in Poland, record its decision not to write down the balance of its Spanish counterparty precisely because an agreed repayment schedule was in place. A balance governed by an agreed schedule, reported as such in INGLOT's own published accounts, is not the story of a partner who simply stopped paying.

The economics do not support the account INGLOT gives either. Over the life of the agreement our cumulative purchases exceeded the agreed baselines, by both parties' own data, and the amount now in dispute is a small fraction of what we bought and paid for in the same period. What changed was not our willingness to pay. In a letter INGLOT refused outright settlement components that the parties' own arrangements provided in our favour, for the year just ended and in advance for the year to come. It described arrangements it had itself signed as unfavourable to it, demanded full prepayment as the only way forward, and in the same letter proposed a new schedule of payment milestones reaching into the next decade. Ten weeks later it terminated the agreement, declaring that every reasonable possibility had been exhausted. A company that proposes payment milestones reaching into the next decade does not believe the relationship is exhausted. INGLOT's management had told us repeatedly that the terms agreed under its previous leadership no longer suited it. All of it is documented. That, and not an accounting balance, is the substance of this dispute.

The statement speaks of intensive discussions and numerous efforts. Between the demand letter of 6 February 2026 and the purported termination of 9 March 2026, INGLOT convened no meeting, no call and no reconciliation of figures. Hipercosmo responded in writing, through counsel, to every demand it received, and after the termination proposed in writing that the parties meet within ten days. No meeting took place. What did take place, in the middle of the cure period, on 23 February 2026, was INGLOT's direct approach to one of our principal clients, an approach INGLOT itself has since admitted in writing. A partner that is making every effort to preserve a relationship does not, at the same time, prepare its replacement.

The situation that INGLOT describes as an isolated case concerns more than five markets and a partnership of fifteen years. The statement affirms that the partnership model remains a pillar of INGLOT's strategy and that there was no intention of eliminating a local partner. The same statement announces intensive work to rebuild distribution in Spain and directs Spanish customers to INGLOT's own direct online store. We leave it to the reader to reconcile those statements. INGLOT's own published e-shop directories record the change. In June 2023, the SHOP NOW directory of the brand's global site at inglotcosmetics.com listed more than forty markets, and every link led to a separate local shop; none led to a store at the global address itself, and the Spanish one led to ours. The directory INGLOT publishes today on its corporate site shows thirty markets served by a single central store operating at that same address, among them Spain, Portugal and Andorra. And of the thirty-three independent partner shops listed in June 2023, only thirteen are still there; the rest now point to the central store or to nothing at all. INGLOT's statement of 30 July 2026 directs Spanish customers to that same central store.

In practice, the rules of the relationship weighed on one side. While our group operated within the framework set for it, our requests to grow distribution into additional Western European markets were declined, as in Ireland, where INGLOT refused our proposal in April 2025 and that same month circulated a press release about its own brand event in Dublin and the development of the Irish market. Meanwhile, INGLOT products moved freely across borders through international marketplace channels, including into the very markets entrusted to us; INGLOT's own management acknowledged the fact to us in writing in December 2025. For years, INGLOT products appeared on Amazon's European sites listed as sold and dispatched by Amazon itself, and reached these same markets. Products do not enter Amazon's own retail offer unless someone ships them to Amazon; those shipments took place, and Amazon's commercial records, which courts can compel, show who made them and when. In January 2026, before INGLOT's letter of demand and its purported termination, INGLOT products appeared in volume on Shein, promoted to that marketplace's Spanish customers; this too is documented. EU competition law sets strict limits on what a brand owner and franchisor may impose on its independent distributors; and where exclusivity has been granted, the franchisor's own conduct in those markets has limits too.

Hipercosmo maintains that the termination of 9 March 2026 was defective and ineffective, and that the agreement remains in force.

Behind fifteen years of building this business stand families: ours, those of our employees, of our partners and of our creditors. How a large company treats the partners who built its markets is a matter of legitimate public interest.

Legal proceedings between the parties are ongoing, a fact INGLOT itself has confirmed publicly. Hipercosmo remains ready for a professional resolution based on a complete reconciliation of accounts and of all components of the relationship, and compensation for the damage already caused. Every statement in this document is supported by written records.