Q3 & 9M 2024 Results

October 30th, 2024

Analyst Presentation

elica Agenda

Q3 & 9M Results Highlights .01

Industry Trend .02

Sales Dynamics .03

Financial Review .04

Closing Remarks & Outlook .05

Annex: .06 Financial Highlights

01 Q3 & 9M Results
O1 Highlights

.. 0

Q3 & 9M 2024 Results

Economics &

Financials

Highlights Q3

NET SALES 104,2 MŁ

YoY CHANGE -1,4 ME =1,3% (-1,1% organic)

EBIT ADJ
2,3 MŁ
2.2%

YoY CHANGE -2,9 ME

-2,8 pts

NFP (47,6) MŁ Leverage: 1,5x

YoY CHANGE -0,6 ME

Growing market shares, in a persisting Negative Industry:

= Cooking Division: Performance in line with key market trends, with positive results in North America and OEM, driven by Elica direct distribution strategy and share gain in major accounts.
= dynamics main factors.

Margins under pressure, in line with our expectations:

· Negative price-mix driven by high promotional market activities.
Investments in Cooking transformation and new products launch (LHOV), partially balanced by positive impact of procurement and continuous focus on cost management.

Net Financial Position

· Remains solid, in line with previous quarter
Cash-in of Elica PB India 4,8% stake sale
Inventories reduction plan to improve OCF by year-end

-14%

-10%

-18%

Sales Dynamics

-9%

Economics &

Financials

-4%

Closing Remarks

-1%

Delta vs LY

Highlights 9M

NET SALES 341,6 MŁ

NFP

YoY CHANGE -18,6 MŁ -5,2% (-4,8% organic)

EBIT ADJ	YoY CHANGE
7,4 ME	-12,0 MŁ
2,2%	-3,2 pts

YoY CHANGE -0,6 MŁ

Leverage: 1,5x

(47,6) MŁ

5

129	126	106	113	117	120	104

Q1 '23	Q2 '23	Q3 '23	Q4 '23	Q1 '24	Q2 '24	Q3 '24
5,2%	6,0%	5,0%	4,4%

-13%

02 Industry Trend

Q3 2024 Results

EUROPE - Sales Units Trend

Change % vs LY

COOKER HOODS

Market Size: 0,5 M pcs

Q12022 Q22022 Q3 2022 Q4 2022 Q4 2022 Q1 2023 Q2 2023 Q4 2023 Q4 2023 Q1 2024 Q2 2024 Jul/Aug 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)

Highlights

Motor Division

Economics & Financials

Closing Remarks

Annex

NORTH AMERICA Industry Unit Shipments

Volume Data Change % vs LY

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

203 Sales Dynamics

Q2 & H1 2024 Results

Sales Key Drivers & Business Overview

· Growth in North America driven by the new distribution strategy implemented in the region.
Persisting EMEA demand weakness in both Cooking and Motor business (Turkey) partially balanced by OEM new project

Annex

Sales by Business

റ്റാ

	Motors	리는 Cooking D	elica
Q3 2023	21,8	83,8	105.6
Currency	+0,0	-0,2	-0,2
	+0,1%	-0,3%	-0,2%
ORGANIC Growth	+2,0	-3,2	-1,2
	+9,1%	-3,8%	-1,1%
YoY Change	+2,0	-3,4	-1,4
	+9,2%	-4,1%	-1,3%
Q3 2024	23,8	80.4	104,2

	Motors	नि Cooking D	elica
9M 2023	83,8	276,4	360,2
Currency	+0,1	-1.5	-1.4
	+0,2%	-0,5%	-0,4%
ORGANIC Growth	-7,3	-9,9	-17,2
	-8,8%	-3,6%	-4,8%
YoY Change	-7,2	-11,4	-18,6
	-8,6%	-4,1%	-5,2%
9M 2024	76,6	265,0	341,6

Cooking Sales by Region

	Americas	Emea	Asia	구 Cooking D
Q3 2023	15,2	61,9	6,7	83,8
Currency	-0,3	+0,3	-0,2	-0,2
	-2,2%	+0,5%	-3,1%	-0,3%
ORGANIC Growth	+1,3	-4,3	-0.1	-3,2
	+8,3%	-6,9%	-2,1%	-3,8%
YoY Change	+0,9	-4,0	-0,3	-3,4
	+6,1%	-6,4%	-5,1%	-4,1%
Q3 2024	16,1	57,9	6,4	80.4

	Americas	Emea	Asia	구 Cooking D
9M 2023	48,7	206,1	21,6	276,4
Currency	-0,2	+0,1	-1.4	-1,5
	-0.4%	+0,0%	-6,5%	-0,5%
ORGANIC Growth	+2,9	-11,5	-1.3	-9,9
	+6,0%	-5,6%	-5,8%	-3,6%
YoY Change	+2,7	-11,5	-2,7	-11,4
	+5,6%	-5,6%	-12,4%	-4,1%
9M 2024	51,4	194,7	18,9	265,0

Cooking Sales by Brand

	OEM	Own Brand	0== Cooking
Q3 2023	33,8	50,0	83,8
Currency	-0,1	-0,1	-0,2
	-0.4%	-0,2%	-0,3%
ORGANIC Growth	-0,2	-3,0	-3,2
	-0,6%	-5,9%	-3,8%
YoY Change	-0,3	-3.1	-3.4
	-1,0%	-6,1%	-4,1%
Q3 2024	33,5	47,0	80,4

	OEM	Own Brand	리는 Cooking D
9M 2023	107,6	168,7	276,4
Currency	+0,4	-1,9	-1.5
	+0,4%	-1,2%	-0,5%
ORGANIC Growth	+3,5	-13.4	-9,9
	+3,3%	-7,9%	-3,6%
YoY Change	+4,0	-15,3	-11,4
	+3,7%	-9,1%	-4,1%
9M 2024	111,6	153,4	265,0

Branding Campaign

Lhov as testimonial of our transition to cooking.

Comms goal

Positioning Elica as a player that revolutionizes the cooking experience.

From aspiration system leader to cooking player.

AWARENESS

Making brand memorable and recognizable.

REPUTATION

Leverage on air expert heritage to build up reputation in the cooking business.

Cross-channel media plan

04 Economics

Officials

Q2 & H1 2024 Results

elica Highlights Cooking Division Q3 & 9M '24 Results

€M	Q3 2024	Q3 2023	% VAR
NET SALES	104,2	105,6	(1,3)%

ADJUSTED EBITDA	7,9	11,4	(30,5)%
% NET SALES	7,6%	10,8%	-320 bps
ADJUSTED EBIT	2,3	5,2	(56,0)%
% NET SALES	2,2%	5,0%	-280 bps

REPORTED EBIT	1,4	4,9	(71.1)%
% NET SALES	1,4%	4,7%	-330 bps
PBT	6,7	2,9	127,7%
% NET SALES	6,4%	2,8%	360 bps
NET PROFIT	6,3	2,2	189,1%
% NET SALES	6,0%	2,1%	390 bps

GROUP NET PROFIT	5,9	1,8	225,5%
% NET SALES	5,7%	1,7%	400 bps

	9 M
9M 2024	9M 2023	% VAR
341,6	360,2	(5,2)%
24,6	37,5	(34,3)%
7,2%	10,4%	-320 bps
7,4	19,4	(61,8)%
2,2%	5,4%	-320 bps

5,6	18,1	(68,8)%
1,7%	5,0%	-340 bps
7,3	13,8	(46,8)%
2,2%	3,8%	-170 bps
7,4	10,7	(30,6)%
2,2%	3,0%	-80 bps

6,4	9,6	(33,5)%
1,9%	2,7%	-80 bps

CHANGES vs. PRIOR YEAR

Economics &

	റ്റ്‌3	9M
VOLUME		+
PRICE / MIX
INVESTMENT COOKING TRANSFORMATION
INFLATION/COST TAKEOUT	+	+
CURRENCY
D&A	+	+
ADJ EBIT	-2,9	-12,0
NRI
FINANCIAL COSTS
COMBINED TAX RATE	+	+
SHARES SALES GAIN	++	++
NET PROFIT	+4.1	-3,2

Annex

Net Financial Position

€M	9M 2024	9M 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	19,2	22,8	(3,7)
CAPEX	(10,4)	(11,5)	1,0
TAXES	(1,8)	(2,4)	0,6
OPERATING FCF	6,9	9,0	(2,0)
% SALES	1,5%	1,8%
BUY BACK	(1,1)	(0,9)	(0,2)
M&A CASH OUT	6,5	(7,0)	13.5
DIVIDEND & FINANCIAL ITEMS	(9,4)	(9,6)	0,2
OTHER NRI	(9,2)	(8,5)	(0,7)
CLOSING NFP - Net of IFRS 16	(47,6)	(47,0)	(0,6)
LEVERAGE - (NFP/EBITDA)	1,5	1,0

elica

NFP stable QoQ despite Ebitda Margin pressure and slightly negative impact on inventory to be recovered in Q4
· Capex optimization on track
Positive impact from the completion of Elica's sale of its 4.78% stake in Elica PB India to Whirlpool of India Limited
Leverage ratio strongly below convenant

Annex

Inventories trend

M €

05 Closing Remarks

(ﷺ New EVO Filter System

(2) Automatic Cooking Settings

address and the Figure of the Figures of

(2) ExtrAir™ Power Aspiration 2011 11 11 18 Comfort Silence 2011 11 S New Scratchproof Matt Gass

elica

Q2 & H1 2024 Results

Closing Remarks

Closing Remarks & Outlook

2024 Guidance .

= Industry remains negative both in EU and NA, with worsening dynamics in Q4. Only replacement market showing slight positive signals (Free Standing)
= positive Elica brand performance in North America
Margins consistent with the first 9 months
NFP in line with Q3 closing

· 2025 Preliminary Expectations

= economic measures will have an impact not before late 2025. US will recover first.
NA), growing employment and improved average income, with decreasing interest rates. Elica will approach the recovery stronger from product, brand and distribution perspectives.
Strategy remains focused on our Mid-Term priorities:
- Extraordinary Cooking Transformation
- Direct Distribution Expansion in NA and EU, even with M&A
- Market Share Growth in OEM & Motors
- =

Our Mid Term vision remains solid

		Cooking	Motors
	ENLARGED PRODUCT RANGE	LHOV, Built-in New Range, New Cooktops for US Market	Heat Pumps, Hydrogen
	WIDER DISTRIBUTION NETWORK	«Boots on the Ground» in North America & Canada Arietta Brand in DIY	Growth in Key EU Accounts EMC-FIME capabilities
Strategy	GEO Expansion	Netherlands	OEM Growth in North America
	OEM GROWTH	New Accounts & Products EU, AMERICAS	New Accounts EU, Turkey
	SCALABLE INNOVATION	Induction Growth in US, Power Electronic Development	BLDC Systems, Domestic air movement
	Enablers	→ Strong Brand Reputation, Salesforce GEO presence & Long term Customer Trust → Flexible Industrial Footprint (IT, PL, MEX) & Re-Balanced Complexity > Re-Sized Cost Base & Successful Cost Reduction Track Record
	Industry	FLAT MARKET vs 2023
	M&A	Distribution & GEO, Product Range Expansion, Professional Channel	Domestic air movement, distribution & filtration Other applications/channels

elica	Upside Potentials
Group	ACCRETIVE M&A
	HOUSING MARKET RECOVERY
> 500 ME REVENUES	NORTH AMERICA DIRECT DISTRIBUTION STEP 2
> 6%	NORTH AMERICA INDUCTION ACCELERATION
ADJ EBIT	EU INCENTIVE STRATEGY ON ENERGY TRANSITION
< 0,5 x	HEAT PUMPS CUSTOMER BASE ENLARGEMENT
LEVERAGE


	POSITIVE MARKE

Highlights Economics &

Closing Remarks

Consolidated Income Statement

elica

OB
€M	Q3 2024	Q3 2023	%
Net Sales	104,2	105,6	(1,3)%
EBITDA Adj	7,9	11,4	(30,5)%
%	7,6%	10,8%	-320 bps
EBITDA	7,0	11,1	(36,6)%
%	6,8%	10,5%	-380 bps
EBIT	1,4	4,9	(71,1)%
%	1,4%	4,7%	-330 bps
Net Result	6,3	2,2	189,1%
%	6,0%	2,1%	400 bps
EPS* - Euro cents	9,55	2,92	226,9%

€M	9M 2024	9M 2023	%
Net Sales	341,6	360,2	(5,2)%
EBITDA Adj	24,6	37,5	(34,3)%
%	7,2%	10,4%	-320 bps
EBITDA	22,8	36,2	(36,8)%
%	6,7%	10,0%	-340 bps
EBIT	5,6	18,1	(68,8)%
%	1,7%	5,0%	-340 bps
Net Result	7,4	10,7	(30,6)%
0/0	2,2%	3,0%	-80 bps
EPS* - Euro cents	10,33	15,35	(32,7)%

* EPS is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data.

Highlights

Cooking Division Motor Division

Economics &

Closing Remarks

Net Working Capital

€ M	9M 2024	FY 2023	△
Trade receivables	41.0	26.7	14.2
% on annualized sales	9.0%	5.6%	340 bps
Inventories	93.8	90.9	3.0
% on annualized sales	20.6%	19.2%	140 bps
Trade payables	(115.2)	(107.0)	(8.16)
% on annualized sales	-25.3%	-22.6%	-270 bps
Managerial Working Capital	19.6	10.6	9.0
% on annualized sales	4.3%	2.2%	210 bps
Short term assets & liabilities	(2.8)	0.4	(3.3)
% on annualized sales	-0.6%	0.1%	-70 bps
Net Working Capital	16.8	11.0	5.8
% on annualized sales	3.7%	2.3%	140 bps

Highlights

Cooking Division Motor Division

Economics &

Closing Remarks

Annex

Consolidated Cash Flow

elica

€M	9M 2024	9M 2023
Operating Cash Flow	12.5	15.7
Capex	(10.4)	(11.5)
Cash Flow from Financial Activities	(7.6)	(20.8)
Net Financial Position	(5.5)	(16.5)

Consolidated B/S

	9M 2024	9M 2023		9M 2024	9M 2023
Net Operating Fixed Assets	183.1	181.3	Net Financial Position *	58.6	59.6
Net Working Capital	16.8	20.2	Group Equity	136.9	140.7
			Minorities	5.8	5.1
Net Financial Asset	1.5	3.9	Total Shareholders' Equity	142.7	145.8
Net Capital Employed	201.3	205.4	Total Sources	201.3	205.4

* Including IFRS 16 effect.

Highlights

Economics & Cooking Division

Closing Remarks

Non Recurring items & Minorities

Non Recurring items
€M	03 2024	9M 2024	Q3 2023	9M 2023
RESTRUCTURING SG&A	(0,5)	(0.6)	(0,3)	(0,9)
OTHERS	(0,4)	(1,2)	(0.0)	(0,4)
Total Non Recurring Items	(0,9)	(1,8)	(0,3)	(1,3)

elica

Minorities
	MINORTY			MINORTY
€M	SHARES		Q3 2024 9M 2024	SHARES	Q3 2023	9M 2023
ARIAFINA	49%	0,4	1,0	49%	0,4	1,1
Total MINODITIES		0,4	1,0		0,4	1,1

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: [email protected]

Elica S.p.A.:

Michela Popazzi Corporate & Internal Communication Specialist Mob: +39 345 6130420 E-mail: [email protected]

Press Office: Havas PR

Valentina Burlando M +39 335.6182360 [email protected] Giulia Bertelli M +39 340.1453906 [email protected]

Thank you

aica

AI Terminal

Elica

4217_rns_2024-10-30_d0b6663b-3c34-4453-b151-4d8c7d917c27.pdf

Q3 & 9M 2024 Results

elica Agenda

Highlights Q3

NET SALES 104,2 MŁ

Growing market shares, in a persisting Negative Industry:

Margins under pressure, in line with our expectations:

Net Financial Position

Highlights 9M

02 Industry Trend

EUROPE - Sales Units Trend

Market Size: 0,5 M pcs

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

NORTH AMERICA Industry Unit Shipments

203 Sales Dynamics

Sales Key Drivers & Business Overview

Sales by Business

Cooking Sales by Region

Cooking Sales by Brand

Branding Campaign

Comms goal

AWARENESS

REPUTATION

Cross-channel media plan

04 Economics

elica Highlights Cooking Division Q3 & 9M '24 Results

CHANGES vs. PRIOR YEAR

Net Financial Position

Inventories trend

05 Closing Remarks

Closing Remarks & Outlook

2024 Guidance .

· 2025 Preliminary Expectations

Our Mid Term vision remains solid

Consolidated Income Statement

Net Working Capital

Consolidated Cash Flow

Consolidated B/S

Non Recurring items & Minorities

Disclaimer

elica

IR Elica S.p.A .:

Elica S.p.A.:

Press Office: Havas PR

Thank you

More from Elica

Talk to a Data Expert