Elica

Investor Presentation • Jul 30, 2024

Q2 & H1 2024 Results

July 30th, 2024

Analyst Presentation

elica Agenda

Q2 & H1 Results Highlights .01

Financial Review .04

Industry Trend .02

Sales Dynamics .03

Closing Remarks & Outlook .05

Annex: .06 Financial Highlights

01 Q2 & H1 Results
O1 Highlights

... 0

Economics &

Financials

Closing Remarks

Highlights Q2

NET SALES 120,1 ME

YoY CHANGE -5,4 ME -4,3% (-4,0% organic)

Sequential Revenue Increase in a weak market

• " Despite Industry remains negative, revenues showing a 0/Q recovery since 3Q 2023 in both Divisions.
• Drivers are new OEM accounts and North America Distribution (Cooking), market share increase in key customers (Motors).

EBIT ADJ 3,3 ME 2,8%

YoY CHANGE -4,2 MŁ -3,2 pts

YoY CHANGE

-8 ME

Margins under pressure, EBIT improving 130 bps vs Q1

• Persisting negative price-mix driven by high promotional market activities mitigated by slight positive impact of raw material costs and continuous focus on cost management.
• Deploying our Investment strategy in Cooking Transformation.

Net Financial Position

· Remains solid, in line with previous quarter

NFP (44,9) MŁ Leverage: ~1,2

126

Economics & Financials

Closing Remarks

Highlights H1

NET SALES 237,4 MŁ	YoY CHANGE -17,2 MŁ	179	126	106	113	117	120
	-6,8% (-6,3% organic)	Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24	Q2 '24
		5,2%	6,0%	5,0%	4,4%		2,8%
EBIT ADJ 5,1 MŁ	YoY CHANGE -9,0 MŁ	6,7	7,5	5,2	5,0	1,5% 1,8	3,3
2,2%	-3,4 pts	Q1 '23	Q2 '23 Q1 '24 Q3 '23 Q4 '23 -- EBIT % TEBIT				Q2 '24
		0,7	0,8	0,9	0,9	1,0	1,2
NFP (44,9) MŁ	YoY CHANGE -8 ME	33	37	47	41	43	45
Leverage: ~1,2		Q1 '23	Q2 '23	Q3 '23	Q4 '23 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------	Q1 '24	Q2 '24

129

02 Industry Trend

Q2 2024 Results

EUROPE - Sales Units Trend

Change % vs LY

Q12022 Q22 Q22 Q3 2022 Q4 2022 Q4 2022 Q2 2023 Q2 2023 Q4 2023 Q4 2023 Q1 2024 Apr/May 24

High promotional activity and reduced consumer purchasing power, driving negative price and weak product mix

2023- 2024 AVERAGE PRICE TREND IN EUROPE (Excl. Russia)

NORTH AMERICA - Ventilation Industry Unit Shipments

Volume Data Change % vs LY

· SOURCE AHAM

Source: EHI – European Heating Industry Countries: Germany, Italy, Netherlands, UK, France, Spain

•

• •
• •
• •

203 Sales Dynamics

Sales Key Drivers & Business Overview

High promotional activity and reduced consumer purchasing power, driving negative price and weak product mix EMEA region demand weakness still persisting in both Divions partially offset by OEM new project Growth in the North America driven by the new Cooking distribution strategy implemented in the region.

Q2

H1

Cooking Sales by Region

	Americas	Emea	Asia	elica
Q2 2023	17,2	71,3	7,6	96,2
Currency	+0,2	-0,1	-0,5	-0,4
	+1,2%	-0,1%	-7,0%	-0,4%
ORGANIC Growth	+0,0	-0,7	-1,0	-1,6
	+0,2%	-1,0%	-12,5%	-1,7%
YoY Change	+0,2	-0,8	-1.5	-2,1
	+1,4%	-1,1%	-19,5%	-2,1%
Q2 2024	17,5	70.5	6.1	94.2

	Americas	Emea	Asia	elica
H1 2023	33,5	144,3	14,8	192,6
Currency	+0,2	-0,2	-1,2	-1.3
	+0,5%	-0,2%	-8,1%	-0,7%
ORGANIC Growth	+1,7	-7,2	-1.1	-6,7
	+4,9%	-5,0%	-7,5%	-3,5%
YoY Change	+1,8	-7,5	-2,3	-8,0
	+5,4%	-5,2%	-15,7%	-4.1%
H1 2024	35,3	136,8	12,5	184,6

Sales by Business

Q2

	Motors	0=0 Cooking	elica
Q2 2023	29,3	96,2	125,5
Currency	+0,0	-0.4	-0,4
	+0,2%	-0,4%	-0,3%
ORGANIC Growth	-3.4	-1.6	-5,0
	-11,5%	-1,7%	-4,0%
YoY Change	-3,3	-2,1	-5,4
	-11,3%	-2,1%	-4,3%
Q2 2024	26,0	94,2	120,1

H1

	Motors	구 Cooking D	elica
H1 2023	62,0	192,6	254.5
Currency	+0,1	-1.3	-1,2
	+0,2%	-0,7%	-0,5%
ORGANIC Growth	-9,3	-6,7	-16,0
	-15,1%	-3,5%	-6,3%
YoY Change	-9,2	-8,0	-17,2
	-14,9%	-4,1%	-6,8%
H1 2024	52,8	184,6	237.4

Cooking Sales by Brand

Q2

	OEM	Own Brand	0= F Cooking
Q1 2023	37,1	59,1	96,2
Currency	+0,4	-0,8	-0.4
	+1,0%	-1,3%	-0.4%
ORGANIC Growth	+3,1	-4,7	-1,6
	+8,2%	-7,9%	-1,7%
YoY Change	+3,4	-5,5	-2,1
	+9,3%	-9,3%	-2,1%
Q1 2024	40,5	53,6	94,2

H1

	OEM	Own Brand	리는 Cooking D
H1 2023	73,9	118,7	192,6
Currency	+0,6	-1,9	-1,3
	+0,8%	-1,6%	-0,7%
ORGANIC Growth	+3,7	-10,4	-6,7
	+5,0%	-8,7%	-3,5%
YoY Change	+4,3	-12,2	-8,0
	+5,8%	-10,3%	-4,1%
H1 2024	78,2	106,5	184.6

04 Economics

O4 & Financials

elica Highlights Cooking Division Q2 & H1 '24 Results

Q2

€M	Q2 2024	Q2 2023	% VAR
NET SALES	120,1	125,5	(4,3)%
ADJUSTED EBITDA	9,1	13,5	(32,3)%
% NET SALES	7,6%	10,8%	-320 bps
ADJUSTED EBIT	3,3	7,5	(55,7)%
% NET SALES	2,8%	6,0%	-320 bps
REPORTED EBIT	2,5	7,1	(64,7)%
% NET SALES	2,1%	5,7%	-360 bps
PBT	0,6	5,9	(89,5)%
% NET SALES	0,5%	4,7%	-420 bps
NET PROFIT	0,7	4,7	(85,1)%
% NET SALES	0,6%	3,8%	-320 bps
GROUP NET PROFIT	0,4	4,4	(89,7)%
% NET SALES	0,4%	3,5%	-310 bps

H1 2024	H1 2023	% VAR
237,4	254,5	(6,8)%
16,7	26,1	(35,9)%
7,0%	10,2%	-320 bps
5,1	14,2	-63,9%
2,2%	5,6%	-340 bps
4,2	13,2	-68,0%
1,8%	5,2%	-340 bps
0.6	10,9	-94,1%
0,3%	4,3%	-400 bps
1,1	8,5	-86,5%
0,5%	3,3%	-290 bps
0,5	7,8	(93,8)%
0,2%	3,1%	-290 bps

CHANGES vs. PRIOR YEAR

Q2	H1
+	+
+	+
+	+
-4,2	-9,0
+	+
-4,0	-7,3

Economics &

Motor Division

Annex

Annex

Net Financial Position

€M	H1 2024	H1 2023	VAR
OPENING NFP	(53,4)	(43,9)	(9,5)
IFRS 16 EFFECT	12.1	14.0	(1,9)
OPENING NFP - Net of IFRS 16	(41,3)	(29,9)	(11,4)
OPERATING CASH FLOW	13,7	16,7	(3,1)
CAPEX	(7,1)	(6,8)	(0,3)
TAXES	(1,0)	(1,2)	0,2
OPERATING FCF	5,6	8,8	(3,2)
% SALES	1,2%	1,7%
BUY BACK	(0,8)	(0,6)	(0,3)
M&A CASH OUT		(6,5)	6,5
DIVIDEND & FINANCIAL ITEMS	(4,6)	(3,8)	(0,8)
OTHER NRI	(3,8)	(4,8)	1,1
CLOSING NFP - Net of IFRS 16	(44,9)	(36,8)	(8,1)
LEVERAGE - (NFP/EBITDA)	1,2	0,8

• · NFP stable QoQ despite Ebitda Margin pressure.
• Optimized Working Capital thanks to careful management of inventory level, DSO (Days Sales Outstanding) and DPO (Days Payable Outstanding).
• Capex optimization focused on business transformation priorities.
• Solid liquidity and Maturity Profile. New 70M€ financing to support Mid-Term Strategy deployment.

elica

Closing Remarks

Annex

Well balanced NWC Position

05 Closing Remarks

(ﷺ New EVO Filter System

(2) Automatic Cooking Settings

address and the may be for the first for

(2) ExtrAir™ Power Aspiration S New Scratchproof Mart Gass

elica

1007
1007

Q2 & H1 2024 Results

Closing Remarks

Closing Remarks & Outlook

• Q2 actual In line with our expectations confirms the QoQ improvement in revenues.
• · North America strategy successful despite negative industry trend, ongoing plans to replicate in other geographies.
• "Extraordinary Cooking" transformation plan remains key to arrive ready for the next wave of growth.
• Continuous cost take out management to defend Net Profit.

FY Guidance

• = Revenues expectation between 460-465 M€, driven by delay in recovery of market demand and negative price-mix.
• Pressure on marqins will continue to defend our shares and proceed with our Cooking Transformation Plan, partially balanced by cost efficiency.
• NFP in line with FY 2023

Highlights Economics &

Closing Remarks

Consolidated Income Statement

Q2			H1
€M	Q2 2024	Q2 2023	0/0	€M	H1 2024	H1 2023
Net Sales	120,1	125,5	-4,3%	Net Sales	237,4	254,5
EBITDA Adj	9,1	13,5	-32,3%	EBITDA Adj	16,7	26,1
0/0	7,6%	10,8%	-320 bps	0/0	7,0%	10,2%
EBITDA	8,3	13,1	-36,6%	EBITDA	15,8	25,1
0/0	6,9%	10,4%	-350 bps	0/0	6,7%	9,8%
EBIT	2,5	7,1	-64,7%	EBIT	4,2	13,2
0/0	2,1%	5,7%	-360 bps	%	1,8%	5,2%
Net Result	0,7	4,7	-85,1%	Net Result	1,1	8,5
0/0	0.6%	3,8%	-320 bps	0/0	0,5%	3,3%
EPS* - Euro cents	0,73	6,99	-89,6%	EPS* - Euro cents	0,77	12,43

elica

Highlights

Cooking Division Motor Division

Economics &

Closing Remarks

Net Working Capital

€M	H1 2024	FY 2023	△
Trade receivables	50.0	26.7	23.2
% on annualized sales	10.5%	5.6%	490 bps
Inventories	91.1	90.9	0.3
% on annualized sales	19.2%	19.2%	0 bps
Trade payables	(126.5)	(107.0)	(19.43)
% on annualized sales	(26.5)%	(22.6)%	-400 bps
Managerial Working Capital	14.7	10.6	4.1
% on annualized sales	3.1%	2.2%	90 bps
Short term assets & liabilities	(8.9)	0.4	(9.3)
% on annualized sales	(1.9)%	0.1%	-200 bps
Net Working Capital	5.8	11.0	(5.3)
% on annualized sales	1.2%	2.3%	-110 bps

Highlights

Cooking Division

Economics & Motor Division

Closing Remarks

Annex

Consolidated Cash Flow

€M	H1 2024	H1 2023
Operating Cash Flow	11.8	13.1
Capex	(7.1)	(6.8)
Cash Flow from Financial Activities	(7.7)	(12.9)
Net Financial Position	(2.9)	(6.5)

Q2 & H1 2024 Results

elica

Cooking Division Motor Division

Economics &

Consolidated B/S

	H1 2024	H1 2023		H1 2024	H1 2023
Net Operating Fixed Assets	189.3	182.6	Net Financial Position *	56.1	49.9
Net Working Capital	5.8	ರಿ.5	Group Equity	135.7	140.9
			Minorities	5.0	4.8
Net Financial Asset	1.9	2.8	Total Shareholders' Equity	140.8	145.1
Net Capital Employed	196.9	195.0	Total Sources	196.9	195.0

* Including IFRS 16 effect.

Highlights

Economics & Cooking Division

Closing Remarks

Non Recurring items & Minorities

Non Recurring items
€M	02 2024	H1 2024	Q2 2023	H1 2023
RESTRUCTURING SG&A	(0,2)	(0,1)	(0,3)	(0,8)
OTHERS	(0,6)	(0,8)	(0,0)	(0,2)
Total Non Recurring Items	(0,8)	(0,9)	(0,4)	(1,0)

Minorities

€M	MINORTY SHARES		Q2 2024 H1 2024	MINORTY SHARES		Q2 2023
ARIAFINA	49%	0,3	0,7	49%	0,3	0.7
Total MINORITIES		0,3	0.7		0,3	0.7

elica

Disclaimer

This presentation may contain forwards-looking information and statements about Elica S.p.A. and its Group.

Forward-looking statements are statements that are not historical facts.

These statements include financial projections and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and statements regarding future performance.

Although the management of Elica S.p.A. believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of Elica are cautioned that forward-looking information and statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond the control of Elica S.p.A.; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward-looking statements.

These risks and uncertainties include, but are not limited to, those contained in this presentation.

Except as required by applicable law, Elica S.p.A. does not undertake any obligation to update any forwardlooking information or statements

elica

IR Elica S.p.A .:

Francesca Cocco Lerxi Consulting - Investor Relations T +39 (0)732 610 4205 E-mail: investor-relations@elica.com

Elica S.p.A.:

Michela Popazzi Corporate & Internal Communication Specialist Mob: +39 345 6130420 E-mail: m.popazzi@elica.com

Press Office: Havas PR

Valentina Burlando M +39 335.6182360 valentina.burlando@havaspr.com Giulia Bertelli M +39 340.1453906 giulia.bertelli@havaspr.com

Thank you