Q4 & FY 2024 Preliminary Results

February 13th, 2024

Analyst Presentation

DIGITAI

elica Agenda

Q4 & FY Preliminary .01 Results Highlights

Financial Review .04

Industry Trend .02

Sales Dynamics .03

Closing Remarks & Outlook .05

Annex: .06 Financial Highlights

O1 Q4 & FY Preliminary Results Highlights

Q4 & FY 2024 Preliminary Results

Economics & Sales Dynamics Financials

Closing Remarks

Highlights 2024

(46,8) M€ -5,5 M€

Leverage: 1,5x

Maintaining our Leadership in Aspiration & Motors, while transforming our business

04		FY		Highlights
NET SALES 110,5 MŁ	YoY CHANGE -2.5 ME -2,2% (-1,8% organic)	NET SALES 452,1 MŁ	YoY CHANGE -21,1 ME =4,5% (-4,1% organic)	Weak Reference Markets; Encouraging Dynamics ▪ Cooking Division: direct distribution growth & enlarged range in North America; new OEM projects win. ▪ Motor Division: share gain in all major accounts
EBIT ADJ 0,7 ME 0,6%	YoY CHANGE -4,2 ME -3,7 pts	EBIT ADJ 8,1 ME 1,8%	YoY CHANGE -16,2 MŁ -3,3 pts	Margins under pressure: priority is Mid-Term ■ Negative price-mix & high promotional environment. ▪ Intensified Investments in Cooking transformation (Q4 Media Campaign, LHOV), increasing Trade Marketing activity, partially balanced by cost reduction initiatives.
NEP	YoY CHANGE			Solid Debt Profile and Cash Generation

NFP in line with previous quarters, despite Investments
Strong Inventories reduction, improving OCF
= 4 M€ Share Buyback (~6% of Treasury Shares)

02 Industry Trend

* EUROPE 22 - SOURCE: ELICA GROUP ESTIMATES.

Q12022 Q22022 Q32022 Q42022 Q12023 Q22023 Q22023 Q42023 Q12024 Q22024 Q32024 Q42024

elica

Change % vs LY

Q12022 Q22022 Q32022 Q42022 Q12023 Q22023 Q22023 Q42023 Q42024 Q22024 Q32024 Q42024

EUROPE - Sales Units Trend

Highlights

Annex

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 Industry Unit Shipments

Volume Data Change % vs LY

elica Highlights HEATING - Industry Shipments (Boilers)

* Source: European Heating Industry (EHI); Internal estimates

Annex

03 Sales Dynamics

Sales Key Drivers & Business Overview

Slightly negative quarter gap compared to last year:

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

Sales by Business

	Motors	0=F Cooking	elica
Q4 2023	23,7	89,3	113,0
Currency	-0,0	-0.4	-0.4
	-0,0%	-0,5%	-0,4%
ORGANIC Growth	-1.3	-0,8	-2.1
	-5,4%	-0,9%	-1,8%
YoY Change	-1,3	-1,2	-2,5
	-5,4%	-1,4%	-2,2%
Q4 2024	22,4	88.1	110,5

	Motors	구 Cooking D	elica
FY 2023	107,5	365,7	473,2
Currency	+0,1	-2,0	-1,8
	+0,1%	-0,5%	-0,4%
ORGANIC Growth	-8,6	-10,7	-19,3
	-8,0%	-2,9%	-4.1%
YoY Change	-8,5	-12,6	-21,1
	-7,9%	-3,4%	-4,5%
FY 2024	99,0	353.1	452,1

Cooking Sales by Region

	Americas	Emea	Asia	0 Cooking 111 D
Q4 2023	18,2	63,6	7,5	89,3
Currency	-0,1	-0.1	-0,2	-0,4
	-0,6%	-0,2%	-2,7%	-0,4%
ORGANIC Growth	-0,4	-1,8	+1,4	-0,8
	-2,3%	-2,8%	+18,4%	-0,9%
YoY Change	-0,5	-1,9	+1,2	-1,2
	-2,9%	-3,0%	+15,7%	-1,4%
Q4 2024	17,1	61,7	8,7	88,1

	Americas	Emea	Asia	구 Cooking D
FY 2023	66,9	269,7	29,1	365,7
Currency	-0,3	-0,1	-1,6	-2,0
	-0.4%	-0,0%	-5,5%	-0,5%
ORGANIC Growth	+2,5	-13,3	+0,1	-10,7
	+3,7%	-4.9%	+0,4%	-2,9%
YoY Change	+2,2	-13,3	-1,5	-12,6
	+3,3%	-4,9%	-5,1%	-3,4%
FY 2024	69.1	256,3	27,6	353,1

Cooking Sales by Brand

	OEM	Own Brand	이트 Cooking
Q4 2023	36,1	53,3	89,3
Currency	-0,0	-0,4	-0,4
	-0,1%	-0,8%	-0,5%
ORGANIC Growth	-2,2	+1,5	-0,7
	-6,0%	-2,9%	--0,7%
YoY Change	-2,2	+1.1	-1,1
	-6,1%	+2,1%	-1,2%
Q4 2024	33,9	54,4	88,1

	OEM	Own Brand	d=ff Cooking
FY 2023	143,4	222,3	365,7
Currency	+0,4	-2,4	-2,0
	+0,3%	-1,1%	-0.5%
ORGANIC Growth	+1,7	-12,2	-10,5
	+1,2%	-5,5%	-2,9%
YoY Change	+2,1	-14,5	-12,5
	+1,4%	-6,5%	-3,4%
FY 2024	145,4	207,8	353,2

a LHOVely journey

2025 H1

04 Economics

O4 Financials

Q4 & FY Preliminary Results

elica Highlights Q4 & FY '24 Results

		1
€M	Q4 2024	Q4 2023	% VAR
NET SALES	110,5	113,0	(2,2)%

ADJUSTED EBITDA	6,8	10,6	(36,0)%
% NET SALES	6,1%	9,4%	-330 bps
ADJUSTED EBIT	0,7	4,9	(85,8)%
% NET SALES	0,6%	4,3%	-370 bps

REPORTED EBIT	(1,0)	4,8	n.a.
% NET SALES	(0.9)%	3,0%	-390 bps
PBT	0,2	1,3	(84,1)%
% NET SALES	0,2%	1,2%	-100 bps
NET PROFIT	2,0	0,6	231,9%
% NET SALES	1,8%	0,5%	130 bps

GROUP NET PROFIT	1,6	0,2	711,9%
% NET SALES	1,4%	0,2%	120 bps

	FY
FY 2024	FY 2023	% VAR
452,1	473,2	(4,5)%
31,4	48,1	(34,6)%
6.9%	10,2%	-320 bps
8,1	24,3	(66,6)%
1,8%	5,1%	-330 bps

4,7	21,5	(78,3)%
1,0%	4,5%	-350 bps
7,5	15,1	(50,1)%
1,7%	3,2%	-150 bps
9,4	11,3	(-16,6)%
2,0%	2,4%	-40 bps

7,9	9,8	(18,8)%
1,7%	2,1%	-40 bps

CHANGES vs. PRIOR YEAR

	Q4	12M
VOLUME
PRICE / MIX
INVESTMENT COOKING TRANSFORMATION
NFLATION/COST TAKEOUT	+	+
CURRENCY
D&A	+	+
ADJ EBIT	-4,2	-16,2
NBI
FINANCIAL COSTS
COMBINED TAX RATE	++	+
SHARES SALES GAIN	++	++
NET PROFIT	+1,4	-1,9

Annex

Net Financial Position

€M	FY 2024	FY 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	33.6	37.6	(4,0)
CAPEX	(17,4)	(16,1)	(1,2)
TAXES	(2,1)	(2,7)	0,5
OPERATING FCF	14,1	18.8	(4,7)
% SALES	3,1%	4,0%
BUY BACK	(5,3)	(1,2)	(4,1)
M&A	6,9	(7,0)	13,9
DIVIDEND & FINANCIAL ITEMS	(8,9)	(11,1)	2,2
OTHER NRI	(12,4)	(11,0)	(1,4)
CLOSING NFP - Net of IFRS 16	(46,8)	(41,3)	(5,4)
LEVERAGE - (NFP/EBITDA)	1,5	0,9

elica

Net financial position as of 31/12/2024 almost aligned with 2023 excluding share buyback
Optimized Working Capital supporting the Operating Cash Flow despite a decline in EBITDA compared to 2023.
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

Inventory Trend

Strong Inventories reduction

06 Closing Remarks

Q4 & FY 2024 Preliminary Results

Annex

Closing Remarks

▪ 2024: Starting a long Journey of Transformation

· 2025 Preliminary Expectations

· Growing mid-term opportunity from New Houses undersupply (EU and NA) and decreasing interest rates.
= Elica will approach the recovery stronger from product, brand and distribution perspectives.
" Strategy remains focused on our Mid-Term priorities:
- =
- ▪
- Market Share Growth of Motor Division
Preliminary Guidance: ■
- =
- Further Improvement in NFP =

Our Mid-Term Vision remains solid

		Cooking	Motors
	ENLARGED PRODUCT RANGE	Elica Rebranding LHOV, Built-in New Range, New Cooktops for NA Market	New EC Motors, 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, Heat-Pumps Customer Base Growth
	SCALABLE INNOVATION	Induction Growth in US, Power Electronic Development	BLDC Systems, Domestic air movement
	Enablers	> Strong Brand Reputation, Long term Customer Trust & Salesforce GEO presence > 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,	Industrial & Commercial Refrigeration, Domestic air movement & filtration

elica Year 1 Achievements as "Reasons to Believe"

		1=F Cooking	Motors
ENLARGED PRODUCT RANGE		▪ ㅤ EMEA Oven full range completion and cooking range listed in the major kitchen catalogues (1,4M€ Sales 2024 vs 0,6M€ 2023) WW Value of New Built-in Products above 6,5 M€ Ariafina (Japan) Range Extension: New Dishwasher co-designed with V-Zug launched in Q4 2024.	▪ Heat-Pumps Customer Base Growth: engaging the main heating players while enlarging the range ▪ From 1 to 6 Customers in co-development/homologation: 2023-2024 2026-2027 (0)Vaillant GSi 0 ARISTON ATLANTIC BOSCH KRONOTERM ""
WIDER DISTRIBUTION NETWORK		North America Brand Sales @ =20M€ in 2024 (+36% vs 2023) ▪ New Direct Distribution Companies (South-East US & Canada): ~6,0 M€
GEO EXPANSION	1	Go Direct in Netherlands: Live from December 2024 Australia: 2024 (2x vs 2023)
OEM GROWTH		= impact in 2026 (~5M€) ▪ LG first order in November 2024. Turnover target: 3 M€ (2026) = BSH share and products range enlargement: (+6M€	Growing Shares in all Heating applications EU Industry: -8% vs EMCFIME: +7% Thousands units 5.503 5.153 4.673 4.432 4.068
SCALABLE INNOVATION		+50% vs LY). ▪ Induction growth in North America: Sales @ 1,2 M€ (2x vs 2023) despite a negative market, with Induction, Aspiration-Hobs and	1.807 1.822 1.661 1.520 1.137
	(2025) Range-Tops manufactured in Elica Mexican plant		2020 2021 2022 2023 2024 FST Boilers Market

Annex: 06 Financial Highlights

Highlights Economics &

Closing Remarks

Consolidated Income Statement

elica

€M	Q4 2024	Q4 2023	%	€M
NET SALES	110,5	113,0	(2,2)%	Net Sales
EBITDA Adj	6,8	10,6	(35,9)%	EBITDA Adj
%	6,2%	9,4%	-320 bps	0/0
EBITDA	5,1	9,2	(44,4)%	EBITDA
%	4,6%	8,2%	-350 bps	0/0
EBIT	(1,0)	3,4	(128,4)%	EBIT
0/0	(0,9)%	3,0%	-390 bps	0/0
Net Result	2,0	0,6	231,9%	Net Result
0/0	1,8%	0,5%	130 bps	%
EPS* - Euro cents	3,02	0,36	745,1%	EPS* - Euro cents

	FY
€M	FY 2024	FY 2023	%
Net Sales	452,1	473,2	(4,5)%
EBITDA Adj	31,4	48,1	(34,6)%
%	6,9%	10,2%	-320 bps
EBITDA	28,0	45,4	(38,4)%
%	6,2%	9,6%	-340 bps
EBIT	4,7	21,5	(78,3)%
%	1,0%	4,5%	-350 bps
Net Result	9,4	11,3	(16,6)%
%	2,1%	2,4%	-30 bps
EPS* - Euro cents	13,34	15,71	(15,1)%

* 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	FY 2024	FY 2023	C
Trade receivables	34,8	26.7	8,1
% on annualized sales	7,7%	5,6%	210 bps
Inventories	86,1	90.9	(4,8)
% on annualized sales	19,0%	19,2%	-20 bps
Trade payables	(112,8)	(107,0)	(5,8)
% on annualized sales	-24,9% -22,6%		-230 bps
Managerial Working Capital	8,1	10,6	(2,5)
% on annualized sales	1,8%	2,2%	-40 bps
Short term assets & liabilities	(5,8)	0,4	(6,2)
% on annualized sales	-1,3%	0,1%	-140 bps
Net Working Capital	2,3	11,0	(8,7)
% on annualized sales	0,5%	2,3%	-180 bps

Highlights

Cooking Division Motor Division

Economics &

Closing Remarks

Annex

Consolidated Cash Flow

elica

€M	FY 2024	FY 2023
Operating Cash Flow	26.9	29.4
Capex	(17.1)	(16.1)
Cash Flow from Financial Activities	(13.8)	(24.2)
Net Financial Position	(4.1)	(10.9)

Consolidated B/S

	FY 2024	FY 2023		FY 2024	FY 2023
Net Operating Fixed Assets	193,0	187,3	Net Financial Position *	56,5	ട് 3,5
Net Working Capital	2,3	11,0	Group Equity	133,5	140,9
			Minorities	6,1	5,6
Net Financial Asset	0,9	1,9	Total Shareholders' Equity	139,6	146,4
Net Capital Employed	196,2	199,9	Total Sources	196,2	199,9

* Including IFRS 16 effect.

Highlights

€M

SG&A OTHERS

Total Non

Recurring Items

RESTRUCTURING

(1,4)

(0,3)

(1,7)

Economics & Cooking Division

Closing Remarks

(1,9)

(0,8)

(2,7)

Annex

Non Recurring items & Minorities

elica

Non Recurring items

04 2024	FY 2024	Q4 2023	FY 202

(1,9)

(1,5)

(3,4)

(0,7)

(0,6)

(1,4)

	Minorities
€M	MINORTY SHARES		Q4 2024 FY 2024	MINORTY SHARES	Q4 2023	FY 2023
ARIAFINA	49%	0,4	1,5	49%	0,4	1,5
Total MINORITIES		0,4	1,5		0,4	1,5

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

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

elica

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Elica

4217_10-k_2025-02-13_9a80de71-9a4f-42d4-8e85-cca1a0ac78d0.pdf

Q4 & FY 2024 Preliminary Results

elica Agenda

O1 Q4 & FY Preliminary Results Highlights

Highlights 2024

02 Industry Trend

EUROPE - Sales Units Trend

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

NORTH AMERICA Industry Unit Shipments

elica Highlights HEATING - Industry Shipments (Boilers)

03 Sales Dynamics

Sales Key Drivers & Business Overview

Slightly negative quarter gap compared to last year:

Sales by Business

Cooking Sales by Region

Cooking Sales by Brand

a LHOVely journey

2025 H1

04 Economics

elica Highlights Q4 & FY '24 Results

CHANGES vs. PRIOR YEAR

Net Financial Position

Inventory Trend

06 Closing Remarks

Closing Remarks

▪ 2024: Starting a long Journey of Transformation

· 2025 Preliminary Expectations

Our Mid-Term Vision remains solid

elica Year 1 Achievements as "Reasons to Believe"

Annex: 06 Financial Highlights

Consolidated Income Statement

Net Working Capital

Consolidated Cash Flow

Consolidated B/S

Non Recurring items & Minorities

Disclaimer

IR Elica S.p.A .:

Elica S.p.A .:

Press Office: Havas PR

Thank you

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