FIRST QUARTER 2021 RESULTS

Disclaimer

This presentation might contain certain forward-looking statements that reflect the company's current views with respect to future events and financial and operational performance of the company and its subsidiaries.

Forward looking statements are based on De' Longhi's current expectations and projections about future events. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments, many of which are beyond the ability of De' Longhi to control or estimate. Consequently, De' Longhi S.p.A. cannot be held liable for potential material variance in any looking forward in this document.

Any forward-looking statement contained in this presentation speaks only as of the date of the document. Any reference to past performance or trends or activities of De' Longhi S.p.A. shall not be taken as a representation or indication that such performance, trends or activities will continue in the future. De' Longhi S.p.A. disclaims any obligation to provide any additional or updated information, whether as a result of a new information, future events or results or otherwise.

This presentation does not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

The manager responsible for preparing the company's financial reports declares, pursuant to paragraph 2 of Article 154-bis of Legislative Decree no. 58 of February 24 1988, that the accounting information contained in this presentation corresponds to the results documented in the books, accounting and other records of the company.

Definitions & assumptions

In this presentation:

Adjusted stands for "before non recurring items and inputed costs of the stock option plans"
"At constant exchange rates" means escluding the effects of exchange rates' variations and of hedging derivatives
ForEx or FX stand for Foreign Exchange Rates;
"Like-for-like" or "LFL" stands for at constant perimeter;
"M" stands for million and "bn" stands for billion;
Q1 stands for first quarter (January1st March 31st);
Reported stands for official data including the consolidation of Capital Brands Holdings Inc. and its subsidiaries, following the acquisition finalized on December 29th, 2020.

HIGHLIGHTS Q1 2021 RESULTS

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TOP LINE & MARGINS (at constant perimeter)

(Eur million)	Q1-2021	At constant perimeter	Change of perimeter	Q1-2020
Revenues	678.7	625.7	53.1	393.3
change %	72.6%	59.1%
at constant fx ch. %		64.7%
Ebitda adjusted	128.6	117.4	11.2	42.1
% of revenues	18.9%	18.8%	21.1%	10.7%

In Q1-2021 revenues at constant perimeter grew by 59.1%, expanding by 64.7% at constant exchange rates;
all main regions were up double-digit, with a strong recovery in MEIA, which grew at a tripledigit rate vs. previous year;
In the first months of 2021 consumer demand was the main driver supporting the Group's performance, reinforcing the positive effect of 2020 new products launches and increased spending on communication and marketing activities.

REVENUES BY REGION (at constant perimeter)

Y REGION (at constant perimeter)
EUR milion	$Q1 - 2021$	var. $%$	var. % at constant FX	Q1-2021 at constant perimeter	var. %	var. % at constant FX
South West Europe	273.8	60.1%	60.1%	273.1	59.7%	59.7%
North East Europe	182.9	64.7%	74.6%	176.6	59.0%	68.9%
EUROPE	456.6	61.9%	65.8%	449.6	59.4%	63.3%
Americas	100.4	173.7%	197.8%	59.9	63.3%	77.2%
MEIA (Middle Eas t/India/Africa)	52.2	160.2%	181.6%	50.0	149.4%	169.9%
As ia-Pacific	69.5	27.4%	33.6%	66.1	21.3%	25.2%
TOTAL REVENUES	678.7	72.6%	79.5%	625.7	59.1%	64.7%

South West Europe grew by 59.7% with all the main countries accelerating sharply, in particular Italy and France at a rate higher than the Group's average;
North East Europe also recorded double-digit growth (+ 59%), showing a particularly robust expansion of Poland and the United Kingdom; negative FX penalized growth by approx. 10 percentage points;
Americas achieved significant growth (+ 63.3%), despite a negative currency effect of approx. 14%;
MEIA region (Middle East, India, Africa) recovered strongly, with growth of 149.4%, supported by a significant expansion of all the countries in the region;
finally, Asia-Pacific area delivered an expansion of + 21.3%, supported in particular by a brilliant trend in coffee and portable heaters.

REVENUES BY MARKET (at constant perimeter)

REVENUES BY PRODUCT LINE (at constant perimeter)

MARKETS PORTFOLIO: NEW vs. OLD PERIMETER

PRODUCT PORTFOLIO: NEW vs. OLD PERIMETER

MARGINS Q1 2021 RESULTS

	reported
(Eur million)	Q1-2021	Q1-2020
net ind. margin	355.1	198.3
% of revenues	52.3%	50.4%
adjusted Ebitda	128.6	42.1
% of revenues	18.9%	10.7%
Ebitda	127.6	36.6
% of revenues	18.8%	9.3%
Ebit	108.2	17.6
% of revenues	15.9%	4.5%
Net Income	80.9	11.0
% of revenues	11.9%	2.8%

Net industrial margin, equal to 355.1 M€ improved from 50.4% to 52.3% (+79.1%) on revenues, thanks above all to higher volumes and the positive contribution of price-mix;
adjusted Ebitda amounted to 128.6 M€, equal to 18.9% of revenues; on a like-for-like basis, it stood at 117.4 M€, with a sharp improvement from 10.7% to 18.8% of revenues;
finally, net profit amounted to 80.9 M€, equal to 11.9% of revenues.

ADJUSTED EBITDA BRIDGE Q1 2021 RESULTS

BALANCE SHEET Q1 2021 RESULTS

EUR million	March 31, 2021	March 31, 2020 (old perimeter)	12 months change	Dec. 31, 2020	3 months change
Net working Capital	101.4	256.6	-155 2	96.2	5 3
Net Equity	1,364.0	1,190.7	173 3	1,267.4	96 6
Net Financial Position	318.2	335.0	-16 8	232.0	86 2
Net Bank Position	386.9	396.8	-9 9	303.8	83 1
NWC / Revenues	3.8%	12.1%	-8 3%	4.1%	-0 3%

Net financial position as at 31.03.2021 stood at € 318.2 million, with a net cash generation of € 86.2 million in the quarter, after investments for € 19.8 M;
in the 12 months NFP decreased by € 16.8 million; however, the cash flow before dividends and acquisitions was € 393.3 million, thus almost entirely covering both the acquisition of Capital Brands Holdings (€ 329.3 million) and the distribution of dividends for € 80.8 million;
Net working capital improved significantly compared to 2020: in the 12 months the increase in inventories was largely offset by an increase in trade payables, thus maintaining the ratio of net working capital to revenues at 3.8%, a marked reduction compared to last year's figure (12.1%), but in line with the value reached at the end of 2020. Operating Working Capital ratio to revenues improved as well in the 12 months from 14.7% to 9.6%.

3 MONTHS NET CASH FLOW (reported)

FY 2021 GUIDANCE Q1 2021 RESULTS

Massimo Garavaglia, Group C.E.O.:

"The extraordinary results achieved further consolidate De' Longhi's position among the leaders in the industry. (…) The signals that we receive from the markets in these first weeks of the second quarter reasonably suggest, for the remaining months of the year, a very robust and more sustained sales trend than initially expected; in light of this, therefore, we revise upwards our guidance for the current year and for the new perimeter including Capital Brands, now forecasting revenues growing at constant exchange rates at a pace between 28% and 33% (i.e. in the range 18 % - 22% on a like-for-like basis) and an adjusted Ebitda in line with 2020 as a percentage of revenues."

FY 2021 guidance

Revenues growing at constant exch.rates between 28% and 33% (including Capital Brands)

Adjusted Ebitda in line with 2020 as a percentage of revenues (including Capital Brands)

Contacts:

Investor Relations:

Fabrizio Micheli, Samuele Chiodetto T: +39 0422 4131 e-mail: [email protected]

Media relations:

Mattia Rosati T: +39 0422 4131 e-mail: [email protected]

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