Interim Financial Report at 31 March

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CORPORATE BODIES*

Board of Directors

GIUSEPPE DE' LONGHI	Chairman
FABIO DE' LONGHI	Vice Chairman and Chief Executive Officer
MASSIMILIANO BENEDETTI**	Director
FERRUCCIO BORSANI**	Director
LUISA MARIA VIRGINIA COLLINA**	Director
SILVIA DE' LONGHI	Director
CARLO GARAVAGLIA	Director
CARLO GROSSI **	Director
MICAELA LE DIVELEC LEMMI **	Director
MARIA CRISTINA PAGNI	Director
STEFANIA PETRUCCIOLI	Director

Board of Statutory Auditors

Chairman
Standing member
Standing member
Alternate auditor
Alternate auditor

External Auditors

PRICEWATERHOUSECOOPERS S.P.A. ***

Control, Risks, Corporate Governance and Sustainability Committee

LUISA MARIA VIRGINIA COLLINA** Chairman MICAELA LE DIVELEC LEMMI ** STEFANIA PETRUCCIOLI

Remuneration and Appointments Committee

CARLO GROSSI ** Chairman FERRUCCIO BORSANI** CARLO GARAVAGLIA

Independent Committee

MASSIMILIANO BENEDETTI** MICAELA LE DIVELEC LEMMI **

LUISA MARIA VIRGINIA COLLINA** Chairman and Lead Independent Director

* The current corporate bodies were appointed during the Shareholders' Meeting held on 20 April 2022 for the three-year period 2022-2024. On 21 April 2023, following the resignation of Massimo Garavaglia from his position as Chief Executive Officer and General Manager effective 31 August 2022, the Shareholders' Meeting resolved to reduce the number of directors from 12 (twelve) to 11 (eleven) based on the sole proposal submitted by the majority shareholder De Longhi Industrial S.A. for the remainder of the Board's current term and, therefore, through the Shareholders' Meeting convened to approve the 2024 Annual Report. On 28 July 2022, as part of the Succession Plan Policy adopted by De' Longhi S.p.A. in accordance with the Corporate Governance Code and applied subsequent to the resignation of Massimo Garavaglia, the Board of Directors appointed the Vice Chairman Fabio de' Longhi Chief Executive Officer effective as from 1 September 2022, pending the identification of a new top manager. Effective again as from 1 September, Fabio de' Longhi was also identified, pursuant to the Corporate Governance Code, as the Chief Executive Officer charged with the institution and management of De' Longhi S.p.A.'s and the Group's internal control and risk management system. On 22 December 2022, the succession planning ended with the appointment of Nicola Serafin as the new General Manager (effective as from 1 January 2023) and the confirmation of Fabio de' Longhi as Chief Executive Officer. ** Independent directors.

*** Assigned by the shareholders' meeting of 19 April 2018 for the financial years 2019-2027.

Introduction and definitions

This report contains the unaudited consolidated results at 31 March 2024.

The financial results as of 31 March 2024 are published in accordance to the decision of the Board of Directors that determined to continue to approve and publish the interim reports within the terms and in the manner usually adopted by the Company, on a voluntary basis and in addition to the annual and half-year financial reports as per article 154-ter, paragraph 1 and 2 of Legislative Decree n. 58/1998 ("TUF").

The adopted communication policy, until a different determination by the Board of Directors, stipulates that the content of the interim reports shall be the same published in the past and it refers, in particular, to financial year 2023.

The Group's business is traditionally seasonal, with first-quarter revenues and profit proportionately lower than those of the year as a whole.

This report contains forward - looking statements, specifically in the "Outlook" section which, by nature, have a component of risk and uncertainty as they depend on future events and developments. At the date of this report, there is a high level of uncertainty which calls for caution when making economic forecasts as the economic prospects continue to change. The actual results could, therefore, differ from the forecasted ones.

The income statement and balance sheet figures commented on reflect the change in the scope of consolidation attributable to the recent La Marzocco Group business combination effective as from 1 March 2024.

Unless stated otherwise, the figures and comments refer to the new configuration of the De' Longhi Group. Where it was deemed useful for the sake of greater comparability, the like-for-like figures, namely excluding La Marzocco, are provided.

In this report a provisional purchase price was allocated to the assets and liabilities acquired until the definitive figures are known. The definitive allocation will be made within twelve months of the transaction.

The figures at constant exchange rates are calculated excluding the effects of converting currency balances and the accounting of derivative transactions.

KEY PERFORMANCE INDICATORS

Results

(€/million)	31.03.2024	%	31.03.2023	%	Change	Change %
Revenues	658.8	100.0%	602.4	100.0%	56.4	9.4%
Revenues like-for- like	637.8	100.0%	602.4	100.0%	35.4	5.9%
Revenues like-for- like at constant exchange rates	646.3	100.0%	602.4	100.0%	44.0	7.3%
Net industrial margin	335.4	50.9%	304.4	50.5%	31.0	10.2%
EBITDA before non-recurring income (expenses)/stock option costs	93.8	14.2%	74.3	12.3%	19.5	26.2%
EBITDA	91.2	13.8%	75.5	12.5%	15.7	20.8%
EBIT	64.8	9.8%	50.1	8.3%	14.7	29.2%
Profit (loss) pertaining to the Group	51.3	7.8%	38.7	6.4%	12.6	32.5%

Statement of financial position

(€/million)	31.03.2024	31.03.2023	31.12.2023
Net operating working capital	183.6	256.6	61.1
Net operating working capital/Revenues	5.9%	8.5%	2.0%
Net working capital	36.4	159.9	(82.8)
Net capital employed	1,697.9	1,365.4	1,148.5
Net financial assets	307.6	317.2	662.6
of which:
- net bank financial position	409.9	399.2	761.7
- other financial receivables/(payables)	(102.3)	(82.0)	(99.1)
Net equity	2,005.5	1,682.7	1,811.1

Performance review

In the first quarter of 2024 the De' Longhi Group continued along the positive trajectory begun in the second half of the prior year, posting higher revenues, good profitability and cash generation.

Despite the Red Sea crisis, which caused difficulties in supply chain management resulting in longer supply times and higher costs, the Group overcame the temporary setbacks, guaranteed solid sales and good profitability.

In February 2024 we also laid the foundation for external growth by finalizing the business combination of the subsidiary Eversys and La Marzocco, leader in the manufacture and distribution of semi-automatic coffee machines. The business combination is another step in the acceleration of the De' Longhi Group's growth and diversification strategy which views coffee, both professional and domestic, as one of the main drivers of medium/long-term strategic development. This transaction marked the creation of a worldwide hub in the high-end professional coffee segment which, thanks to the synergies created between products, technologies and brands, will strengthen market positioning and the potential for growth and business development opportunities in the future.

The business combination is effective as from 1 March 2024.

Revenues amounted to €658.8 million in the first quarter of 2024, an increase of 9.4% compared to the same period of 2023 (+5.9% like-for-like) thanks to higher volumes which offset the negative exchange effect. Like-for-like and at constant exchange rates, revenues would have been up 7.3%.

The quarter was characterized by different trends in the geographic regions.

Revenues in Europe rose 12.1% like-for-like thanks to the contribution of all the core countries which continued with the recovery begun in the second half of 2023 fueled by a good sell-out and good stock rotation at retailers.

Revenues increased, albeit at a slower pace, in Americas which closed at +2.2% like-for-like (+3.3% at constant exchange rates) thanks, above all, to the good sales performance of Nutribullet brand personal blenders.

MEIA was impacted by the market turbulence caused by the conflict in Gaza and closed the quarter with revenues down 13.8% like-for-like (-12.2% at constant exchange rates).

Despite the net recovery in Australia and New Zealand, Asia Pacific recorded a decrease of 6.4% like-forlike (-3.0% at constant exchange rates) due to weakness in the Chinese market.

Looking at business lines, revenues were up across all product segments. Domestic coffee products drove the growth thanks to the success of the fully automatic machines. Cooking and food preparation products posted higher revenues thanks to the good sales performance of personal blenders and handblenders. Irons, homecare products and comfort also reported positive results.

The "professional coffee" segment benefitted from the consolidation of La Marzocco for one month in the quarter.

The Group continued with its strategy to rationalize costs in the first quarter of 2024. Investments in advertising were, however, largely in line with the prior year as a result of the decision to optimize spending through targeted actions to support the brands. Logistics costs were lower thanks also to the progressive decline in tariffs.

EBITDA before non-recurring income (expenses)/stock option costs came to €93.8 million (14.2% of revenues) in the first quarter of 2024, decidedly higher both numerically and as a percentage of revenue compared to the same period of 2023 (€74.3 million or 12.3% of revenues).

Net the €1.7 million in profit pertaining to the minority shareholders who became part of the shareholder base as a result of the Eversys/La Marzocco business combination, the Group's portion of net profit came to €51.3 million or 7.8% of revenues (€38.7 million, 6.4% of revenues in the first quarter of 2023).

In addition to the impact of the La Marzocco business combination, net operating working capital also reflects the increase, compared to 31 March 2023, in receivables consistent with revenue growth, inventory which, in line with expectations, was higher than at 31 December 2023 (although still lower than at 31 March 2023) due to stocking to support seasonality in the coming months, as well as a change in trade payables which had reached a particularly high level at year-end including as a result of different timing in procurement.

Net operating working capital amounted to €183.6 million (5.9% of revenues), versus €256.6 million at 31 March 2023 (8.5% of revenues) and €61.1 million at 31 December 2023 (2.0% of revenues).

The net financial position with banks came to €409.9 million at 31 March 2024 (€399.2 million at 31 March 2023 and €761.7 million at 31 December 2023).

Operating cash flow of 12 rolling months was positive for € 385.7 million thanks to the good trend of net working capital, above all; it was negative for € 44.1 million in the first quarter of 2024 which was temporarily impacted by the decrease in factoring typical of the first months of the year. Net of the factoring effect, net operating cash flow of first quarter of 2024 would have been positive for €43.0 million.

Group results

The reclassified De' Longhi Group consolidated income statement is summarized as follows:

(€/million)	31.03.2024	% revenues	31.03.2023	% revenues
Revenues	658.8	100.0%	602.4	100.0%
Change	56.4	9.4%
Materials consumed & other production costs (production services and payroll costs)	(323.4)	(49.1%)	(298.0)	(49.5%)
Net industrial margin	335.4	50.9%	304.4	50.5%
Services and other operating expenses	(171.1)	(26.0%)	(166.1)	(27.6%)
Payroll (non-production) EBITDA before non-recurring income (expenses)/stock option costs	(70.5) 93.8	(10.7%) 14.2%	(63.9) 74.3	(10.6%) 12.3%
Change	19.5	26.2%
Non-recurring income (expenses)/stock option costs	(2.6)	(0.4%)	1.2	0.2%
EBITDA	91.2	13.8%	75.5	12.5%
Amortization	(26.4)	(4.0%)	(25.4)	(4.2%)
EBIT	64.8	9.8%	50.1	8.3%
Change	14.7	29.2%
Net financial income (expenses)	4.1	0.6%	(0.6)	(0.1%)
Profit (loss) before taxes	68.8	10.4%	49.5	8.2%
Taxes	(15.8)	(2.4%)	(10.8)	(1.8%)
Net result	53.0	8.0%	38.8	6.4%
Minority interests	1.7	0.3%	-	0.0%
Profit (loss) pertaining to the Group	51.3	7.8%	38.7	6.4%

Revenues

Consolidated revenues were 9.4% higher than in the prior year (+5.9% like-for-like), coming in at €658.8 million.

The performance reflects a robust increase in sales volumes, but was penalized by an adverse exchange effect. Like-for-like revenues at constant exchange rates would have been 7.3% higher.

Markets and business lines

The performance of the commercial areas in which the Group operates (Europe, Americas, Asia Pacific and MEIA) is summarized below.

(€/million)	1st Quarter 2024	%	1st Quarter 2024 like for-like perimeter	%	1st Quarter 2023	%	Change at current FX rates and like-for like perimeter	Change % like-for like at current FX rates	Change % like-for like at constant FX rates
Europe	424.3	64.4%	418.1	65.6%	373.2	62.0%	45.0	12.1%	13.1%
Americas	105.7	16.0%	98.1	15.4%	96.0	15.9%	2.1	2.2%	3.3%
Asia Pacific	89.6	13.6%	83.3	13.0%	89.0	14.8%	(5.7)	(6.4%)	(3.0%)
MEIA (Middle East/India/Africa)	39.2	6.0%	38.2	6.0%	44.3	7.3%	(6.1)	(13.8%)	(12.2%)
Total revenues	658.8	100.0%	637.8	100.0%	602.4	100.0%	35.4	5.9%	7.3%

Revenues in Europe reached €424.3 million, an increase of 12.1% like-for-pared to the first quarter of 2023. The region continued with the improvement begun in the second half of 2023 and benefitted from a positive sell-out and good stock rotation at retailers.

Sales for coffee products, particularly fully-automatic machines, rose in all the region's core countries which confirmed the growth trend already seen beginning in the second half 2023.

Americas closed the quarter with revenues at €105.7 million, 2.2% higher like-for-like (+3.3% at constant exchange rates) compared to the same period in 2023.

Nutribullet brand personal blenders posted a good sales performance.

Domestic coffee products were impacted by a weak capsule machine segment.

In the first quarter of 2024 Asia Pacific posted €89.6 million in revenues, down 6.4% like-for-like compared to 2023 (-3.0% at constant exchange rates).

In Australia/New Zealand the positive trend already recorded in the second half of 2023 continued, and despite the negative exchange effect, sales were higher thanks above all to the contribution of cooking and food preparation products.

Revenues in China and Hong Kong were impacted by market weakness.

MEIA was affected by the market turbulence caused by the conflict in Gaza and closed the quarter with revenues at €39.2 million, down 13.8% like-for-like (-12.2% at constant exchange rates) against the first quarter of 2023.

Looking at business lines, revenues in the first quarter of 2024 were up across all product segments. Sales of domestic coffee products showed robust growth, particularly fully automatic machines. Cooking and food preparation products reported higher revenues thanks above all to the good sales performance of personal blenders and handblenders which offset the weakness in kitchen machines. Lastly, Irons reported positive results and comfort was stable, albeit impacted by the segment's typical seasonality.

The "professional coffee" segment benefitted from the consolidation of La Marzocco for one month in the quarter.

Profitability

In the first quarter of 2024 the net industrial margin came to €335.4 million, or 50.9% of revenues, higher than in the same period of 2023 (€304.4 million or 50.5% of revenues) thanks to higher sales volumes, a positive mix effect and lower manufacturing costs, despite the negative exchange effect.

Cost rationalization actions continued as part of the strategy undertaken in 2023 to protect margins. Investments in advertising were, however, largely in line with the prior year as a result of the decision to optimize spending through targeted actions to support the brands. Logistics costs were lower thanks also to the progressive decline in tariffs.

EBITDA before non-recurring income (expenses)/stock option costs came to €93.8 million (14.2% of revenues) in the first quarter of 2024, higher both numerically and as a percentage of revenue compared to the same period of 2023 (€74.3 million or 12.3% of revenues).

In the first quarter of 2024, €2.6 million in non-recurring expenses were recognized (versus net income of €1.2 million in the same period of 2023).

This item includes the residual portion of the costs connected to the La Marzocco/Eversys business combination (mainly for advisory services and consultancies) and the costs connected to ongoing company reorganization.

The Group also recognized €0.2 million in notional stock option costs in the reporting period (versus €0.2 million in the first quarter of 2023).

Amortization and depreciation amounted to €26.4 million, slightly higher than the figure recorded in the first quarter of 2023 (€25.4 million) due to the completion of a few investments in fixed assets. In the first quarter of 2024 EBIT amounted to €64.8 million or 9.8% of revenues (€50.1 million in the same period of 2023).

The Group posted €4.1 million in financial income (expenses of €0.6 million in the first quarter of 2023) thanks to careful investing of liquidity (which was partially reduced at the end of February due to the business combination described above) and effective currency management.

Net taxes of €15.8 million (€10.8 million in the first quarter of 2023) and the €1.7 million in profit pertaining to the minority shareholders who became part of the shareholder base as a result of the Eversys/La Marzocco business combination, the Group's portion of net profit came to €51.3 million.

Review of the statement of financial position

(€/million)	31.03.2024	31.03.2023	31.12.2023
- Intangible assets	1,241.8	880.3	878.3
- Property, plant and equipment	537.7	440.2	478.0
- Financial assets	10.9	11.6	9.7
- Deferred tax assets	71.3	64.6	60.4
Non-current assets	1,861.7	1,396.7	1,426.4
- Inventories	625.5	615.3	504.7
- Trade receivables	225.5	171.8	272.7
- Trade payables	(667.4)	(530.6)	(716.2)
- Other payables (net of receivables)	(147.2)	(96.6)	(143.9)
Net working capital	36.4	159.9	(82.8)
Total non-current liabilities and provisions	(200.2)	(191.2)	(195.1)
Net capital employed	1,697.9	1,365.4	1,148.5
(Net financial assets)	(307.6)	(317.2)	(662.6)
Total net equity	2,005.5	1,682.7	1,811.1
Total net debt and equity	1,697.9	1,365.4	1,148.5

The reclassified consolidated statement of financial position is presented below:

In the first three months of 2024, the Group made net investments of €25.7 million (versus €19.2 million in the first three months of 2023 and €132.3 million in FY 2023), of which €21.7 million in plant, property and equipment which refers mainly to improvements made in order to increase capacity at the production facilities.

The decided increase in intangible assets against 31 December 2023 (€363.5 million) is attributable primarily to provisional allocation of the purchase price to the assets and liabilities acquired as a result of the Eversys/La Marzocco business combination until the definitive information needed to determine the final value is received. The definitive allocation will be made within twelve months of the transaction.

The net operating working capital, which amounted to €183.6 million (€256.6 million at 31 March 2023 and €61.1 million at 31 December 2023), or 5.9% of rolling revenues (8.5% at 31 March 2023 and 2.0% at 31 December 2023), was also impacted by the La Marzocco business combination. Trade receivables increased, consistent with revenue growth. Inventory, while still lower than at 31 March 2023, was higher than at 31 December 2023, in line with expectations, due to stocking to support seasonality in the coming months. Trade payables were lower than at 31 December 2023 when they had reached a particularly high level including as a result of different timing in procurement.

Net working capital reached a positive €36.4 million at 31 March 2024 (positive for €159.9 million at 31 March 2023; negative for €82.8 million at 31 December 2023).

Details of the net financial position are shown below:

(€/million)	31.03.2024	31.03.2023	31.12.2023
Cash and cash equivalents	893.4	847.5	1,250.2
Other financial receivables	312.6	286.2	172.5
Current financial debt	(409.7)	(181.7)	(289.0)
Net current financial position	796.3	952.0	1,133.6
Non-current financial receivables and assets	122.7	124.2	122.0
Non-current financial debt	(611.4)	(759.0)	(593.1)
Non-current net financial debt	(488.7)	(634.8)	(471.0)
Total net financial position	307.6	317.2	662.6
of which:
- positions with banks and other financial payables	409.9	399.2	761.7
- lease liabilities	(109.8)	(75.4)	(98.4)
- other financial non-bank assets/liabilities (fair value of derivatives and financial debt connected to business combinations)	7.5	(6.5)	(0.7)

The net financial position came to a positive €307.6 million at 31 March 2024 (€317.2 million at 31 March 2023; €662.6 million at 31 December 2023).

Net of a few specific financial items, comprising mainly the fair value measurement of derivatives, the net financial position with banks came to a positive €409.9 million (€399.2 million at 31 March 2023; €761.7 million at 31 December 2023).

(€/million) 31.03.2024 31.03.2023 31.12.2023 3 months 3 months 12 months Cash flow by current operations 97.6 72.5 446.3 Cash flow by changes in working capital (116.0) (31.1) 138.0 Cash flow by current operations and changes in NWC (18.4) 41.4 584.3 Cash flow by investment activities (25.7) (19.2) (132.3) Cash flow by operating activities (44.1) 22.2 452.0 Acquisitions (326.8) - - Dividends paid - - (72.1) Stock options exercise 5.0 - 5.1 Cash flow by other changes in net equity 10.9 (3.8) (21.2) Cash flow generated (absorbed) by changes in net equity 15.8 (3.8) (88.2) Cash flow for the period (355.0) 18.5 363.8 Opening net financial position 662.6 298.8 298.8 Closing net financial position 307.6 317.2 662.6

The statement of cash flows is presented on a condensed basis as follows:

Current operations and the changes in working capital described above resulted in cash absorption of €18.4 million in the quarter (versus cash generation of €41.4 million in the first quarter of 2023).

Operating cash flow of 12 rolling months was positive for € 385.7 million thanks to the good trend of net working capital, above all; it was negative for € 44.1 million in the first quarter of 2024 which was temporarily impacted by the decrease in factoring. Net of the factoring effect, net operating cash flow of first quarter of 2024 would have been positive for €43.0 million.

Total cash flow was negative for €355.0 million in the first quarter of 2024 (versus positive €18.5 million in the same period of 2023); the cash absorption reflects the impact of Eversys/La Marzocco business combination described above.

The statement of comprehensive income and the main changes in net equity with reference to the consolidated figures in the first quarter are shown below:

(€/million)	1st Quarter 2024	1st Quarter 2023
Net result	53.0	38.8
Other components of the comprehensive income	1.3	(19.3)
Comprehensive income	54.2	19.5
Attributable to:
- Group	54.8	19.4
- Minority interest	(0.5)	0.1

(€/million)	Group portion of net equity	Minority interests	Total net equity
Balance at 31 December 2022	1,659.1	4.3	1,663.4
Fair value stock option	(0.2)	-	(0.2)
Comprehensive income	19.4	0.1	19.5
Balance at 31 March 2023	1,678.3	4.3	1,682.7

(€/million)	Group portion of net equity	Minority interests	Total net equity
Balance at 31 December 2023	1,811.1	-	1,811.1
Fair value stock option	0.2	-	0.2
Stock options exercise	5.0	-	5.0
Other changes	(12.8)	147.7	135.0
Comprehensive income	54.8	(0.5)	54.2
Balance at 31 March 2024	1,858.4	147.2	2,005.5

Alternative performance indicators

In addition to the information required by IFRS, this document presents other financial measures which provide further analysis of the Group's performance. These indicators must not be treated as alternatives to those required by IFRS.

More in detail, the non-GAAP measures used include:

Net industrial margin and EBITDA: the Group uses these measures as financial targets in internal presentations (business plans) and in external presentations (to analysts and investors), since they are a useful way of measuring operating performance by the Group and its individual divisions besides EBIT.

Net industrial margin is calculated as total revenues minus the cost of materials consumed and of production-related services and payroll.

EBITDA is an intermediate measure that derives from EBIT after adding back depreciation, amortization and impairment of property, plant and equipment and intangible assets. EBITDA is also presented net of non-recurring items, which are reported separately on the face of the income statement.

Net working capital: this measure is the sum of inventories, trade receivables, current tax assets and other receivables, minus trade payables, tax liabilities and other payables.
Net operating working capital: this measure is the sum of inventories and trade receivables, minus trade payables.
Net capital employed: this measure is the sum of net working capital, intangible assets, property, plant and equipment, equity investments, other non-current receivables, and deferred tax assets, minus deferred tax liabilities, employee severance indemnity and provisions for contingencies and other charges.
Net financial position: this measure represents financial liabilities less cash and cash equivalents and other financial receivables; the position with banks, net of non-banking items, is also reported. The individual line items in the statement of financial position used to determine this measure are analysed later in this report.

The figures contained in this report, including some of the percentages, have been rounded relative to their full euro amount. As a result, some of the totals in the tables may differ from the sum of the individual amounts presented.

Other information

Pursuant to Art. 3 of Consob Resolution n. 18079 of 20 January 2012, the Board of Directors resolved to exercise the opt-out clause provided under Art. 70, paragraph 8 and Art. 71, paragraph 1-bis of Consob Regulation n. 11971/99 which grants the option to waive the mandatory publication of informational documents relating to significant mergers, spin-offs, capital increases through in-kind transfers, acquisitions and disposals.

Treasury shares

On 19 April 2024, the Annual General Meeting resolved to renew – by revoking the previous resolution approved on 21 April 2023 – the authorisation for the purchase and disposal of treasury shares up to a maximum of 14.5 million ordinary shares and, therefore, not exceeding one fifth of the share capital, also taking into account any shares held by the parent company De' Longhi S.p.A. and by its subsidiaries. The authorisation was approved, in accordance with current provisions of law, for a maximum of 18 months (and, therefore, until 19 October 2025).

At 31 March 2024 the Group, through the parent company De' Longhi S.p.A., held 301,600 treasury shares for a total of €4,896 thousand, purchased in previous years. The change with respect to 31 December 2023 (De' Longhi S.p.A. held 595,000 treasury shares for a countervalue of €9,658 thousand) is due to the exercise of 293,400 options in connection with the "2020-2027 Stock Option Plan".

Subsequent events

There have been no significant events since the end of the quarter.

Outlook

In this context of favourable evolution of the core categories, although aware of the variability of the current macroeconomic and geopolitical scenario, the management confirms the guidance for 2024 with a good revenues growth for the new perimeter which reflects the recent La Marzocco/Eversys business combination. In terms of margins, the quarterly results reinforce the expectation of a growth of EBITDA before non recurring items/stock option costs compared to 2023, in the new perimeter.

Treviso, 10 May 2024

For the Board of Directors Vice President and Chief Executive Officer

Fabio de'Longhi

*****

Declaration by the Officer Responsible for Preparing the Company's Financial Report

Pursuant to art. 154-bis para. 2 of TUF, Stefano Biella, Officer Responsible for Preparing the Company's Financial Report, declares that the accounting information contained in the present interim financial report corresponds to the underlying documentary and accounting records.