Elica

Earnings Release • Apr 29, 2025

IR Elica S.p.A.:

Francesca Cocco Lerxi ConsulFng – Investor RelaFons TEL: +39 (0)732 610 4205 E-mail: investor-relaFons@elica.com

Elica S.p.A.:

Alice Casadio Corporate & Internal CommunicaFon E-mail: a.casadio@elica.com

Press Office: Havas PR

ValenFna Burlando M +39 335.6182360 valenFna.burlando@havaspr.com Giulia Bertelli M +39 340.1453906 giulia.bertelli@havaspr.com

ELICA BOD APPROVES Q1 2025 RESULTS

POSITIVE SIGNALS EMERGE IN Q1 2025: RETURN TO GROWTH BOTH OF COOKING (+0.9% VS Q1 2024) AND MOTORS (+2.9% VS Q1 2024) DIVISIONS AGAINST GENERALLY UNCERTAIN MARKET BACKDROP

REVENUE OF EURO 118.8 MILLION (+1.3% VS Q1 2024), DRIVEN BY:

• FURTHER COOKING DIVISION ACCELERATION IN NORTH AMERICA, THANKS TO DIRECT PRESENCE STRATEGY
• LAUNCH OF NEW OEM PROJECTS
• INCREASED MARKET SHARE AND INTRODUCTION OF NEW PRODUCTS ON MAIN MOTORS DIVISION ACCOUNTS

MARGINS IMPACTED BY FOCUS ON INVESTMENTS IN MARKETING, COMMUNICATION AND TRADE TO SUPPORT COOKING TRANSFORMATION PROJECT AND DISTRIBUTION GROWTH: ADJUSTED EBITDA OF EURO 7.0 MILLION (EURO 7.6 MILLION IN Q1 2024), MARGIN ON REVENUE AT 5.9% (6.5% IN Q1 2024)

SOLID NET FINANCIAL POSITION UNCHANGED ON DECEMBER 31, 2024, THANKS TO EFFICIENT MANAGERIAL WORKING CAPITAL MANAGEMENT

FROM APRIL DIRECT DISTRIBUTION IN NORTH AMERICA THROUGH SOUTH EAST APPLIANCES GROWS TO COVER NORTH-EASTERN UNITED STATES WITH A NEW SALES ORGANISATION CLOSER TO CUSTOMERS.

***

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

Fabriano, April 29, 2025 – The Board of Directors of Elica S.p.A. has approved the 2025 First Quarter results, prepared in accordance with IFRS accounCng standards.

***

"In 2024 we embarked on a new challenging and ambi<ous transforma<on: to become a leading player in the global Cooking market thanks to major product innova<ons and a new brand iden<ty. Today, despite a s<ll challenging market environment dominated by uncertainty, we are seeing the first results of our projects, with the ini<al three months of the year showing encouraging signs. The success of LHOV, together with the expanded product range, not only confirms that our strategy is the correct one, but significantly mo<vates the en<re organisa<on for the future, while remaining fully aware of the ongoing complexi<es in our sector" stated Francesco Casoli, ExecuZve Chairperson of Elica.

"The Q1 results are encouraging, despite the s<ll uncertain market environment. Both divisions have returned to growth: the Cooking division thanks to the excellent North America performance, and the Motors division thanks to the increased market share. We con<nue with determina<on to pursue this transforma<on and to develop new projects, fully aware that this may weigh on margins in the short term, but confident in the strength of our financial posi<on and in our medium-term vision. We s<ll have complex months ahead, although the early posi<ve signs confirm the strength of our strategy. We therefore con<nue to invest in direct distribu<on, in Europe and North America, where we have recently expanded our direct presence also to the North-East of the United States". stated Giulio Cocci, Chief ExecuZve Officer of Elica.

***

Q1 2025 Consolidated Financial Highlights

Revenue: Euro 118.8 million;

Adjusted EBITDA1: Euro 7 million (5.9% margin on revenues);

Adjusted EBIT2: Euro 1.1 million (0.9% margin on revenues);

Adjusted Net Result3: Euro -0.5 million;

Adjusted Group Net Result: Euro -0.9 million; The MinoriCes profit was Euro 0.4 million;

Adjusted Net Financial PosiZon4: net debt of Euro 46.9 million (excluding IFRS 16 effect for Euro 12.1 million).

TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

¹ The figure was adjusted considering the negative extraordinary effects related to SG&A reorganisation transactions and consulting fees totalling Euro 0.3 million

² The value was adjusted considering the extraordinary effects in line with EBITDA.

³ The indicated value was adjusted for the extraordinary effects in line with EBITDA and EBIT, in addition to the tax effect.

⁴ The value indicated is net of the IFRS 16 effect, of the impact of the measurement at amortised cost under IFRS 9 on Bank loans and borrowings as presented in the balance sheet and of the payables for the purchase of investments, as outlined in the NFP table.

Elica Group Q1 2025 Opera<ng Performance

Revenue	Euro 118.8 million (up 1.3% vs Q1 2024). The posiCve trend, which follows ten consecuCve quarters of decline, stems from the growth in North America, driven by the success of the direct distribuCon strategy. In EMEA however, both Cooking and Motors division demand remains weak.
	The Cooking division, which accounts for approximately 77% of total revenues, reported a slight increase in sales to Euro 91.2 million (Euro 90.4 million in Q1 2024). The OEM business reported a good performance for the first three months (+2.2% vs Q1 2024), thanks to the entry of new customers and the substanCally stable Own Brand performance (+0.1% vs Q1 2024). The Americas reports an increase of 6.6% on the same quarter of 2024. In parCcular, B2C sales were up 27%, thanks to the distribuCon strategy introduced to the region, with new product launches and a broader range of products. This resulted in the entry of new customers in North America, a consolidaCon of the presence in the region of the two new own brand distribuCon companies: AG InternaConal and Southeast Appliance (SEA) and producCon in Mexico of new inducCon and aspiraCon cooktops.
	The Motors division, which represents approximately 23% of total revenues, was up 2.9% to Euro 27.6 million (Euro 26.8 million in Q1 2024). The posiCve sales performance in the quarter was mainly due to the increased market share on the principal accounts which drove both the heaCng and venClaCon segments.
Adjusted EBITDA	Euro 7 million (Euro 7.6 million in Q1 2024), with a margin on revenues of 5.9% (6.5% in Q1 2024). Investments to support the Cooking transformaCon project conCnued to have a significant impact on the first quarter of 2025.
Adjusted EBIT	Euro 1.1 million (Euro 1.8 million in Q1 2024), with a margin on revenues of 0.9% (1.5% in Q1 2024). Mainly abributable to the effects on EBITDA.

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

Net financial income/(expense)	Euro -1.5 million compared with Euro -1.7 million in the same period of the previous year. The movement is related both to currency movements and a slight reducCon in financial expense.
Adjusted Net Result	Euro -0.5 million, compared to Euro 0.4 million in Q1 2024.
Adjusted Group Net Result:	Euro -0.9 million compared with -Euro 0.1 million in Q1 2024. The MinoriCes profit was approx. Euro 0.4 million.

In Euro thousands	Q1 2025	% revenue	Q1 2024	% revenue	Change %
Revenue	118,782		117,209		1.3%
Adjusted EBITDA	6,999	5.9%	7,573	6.5%	(7.6%)
EBITDA	6,738	5.7%	7,487	6.4%	(10.0%)
Adjusted EBIT	1,055	0.9%	1,789	1.5%	(41.1%)
EBIT	794	0.7%	1,703	1.5%	(53.4%)
Net financial expense	(1,532)	(1.3%)	(1,680)	(1.4%)	8.8%
Income taxes	83	0.1%	417	0.4%	(80.1%)
Profit from conWnuing operaWons	(655)	(0.6%)	440	0.4%	(248.9%)
Adjusted Net Result	(457)	(0.4%)	364	0.3%	(225.7%)
Result for the period	(655)	(0.6%)	440	0.4%	(248.9%)
Adjusted Group Net Result	(877)	(0.7%)	(47)	(0.0%)	(1,748.1%)
Group Net Result	(1,075)	(0.9%)	29	0.0%	(3,806.9%)
Basic earnings/(loss) per share on
conWnuing operaWons and disconWnued	(1.81)		0.05		(3,720.0%)
operaWons (Euro/cents)
Diluted earnings (loss) per share on
conWnuing operaWons and disconWnued	(1.81)		0.05		(3,720.0%)
operaWons (Euro/cents)

Elica Group Equity and Financial Performance Analysis

at March 31, 2025

Adjusted Net Financial PosiZon Euro -46.9 million at March 31, 2025 (excluding the IFRS 16 effect of Euro - 12.1 million), unchanged on December 31, 2024 (Euro -46.8 million), thanks to the constant control and efficient management of working capital. The main impacts on the net financial posiCon at March 31, 2025 were from: - GeneraCon of cash compared to Q1 2024, despite the decrease in EBITDA, improving thanks to the reduced CAPEX and a solid working capital

performance.

• ReducCon in financial expense of approximately Euro 0.6 million on Q1 2024.

• Leverage raCo well below covenants.

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

Leverage is 1.5x, unchanged from the end of 2024 (1.0x in Q1 2024). The strength of the net financial posiZon is a key element supporZng the Group's strategic plan.

OperaZng FCF Euro 3.6 million, compared to Euro 3.5 million in Q1 2024. The percentage of revenues increased from 0.7% at March 31, 2024 to 0.8% in March 31, 2025.

In Euro thousands	31/03/2025	31/12/2024	31/03/2024
Cash	37,982	40,761	58,251
Bank loans and borrowings (current)	(45,024)	(46,202)	(55,200)
Bank loans and borrowings (non-current)	(39,898)	(41,326)	(46,299)
Adjusted Net Financial PosiMon	(46,940)	(46,767)	(43,248)
Lease liabiliWes IFRS 16 (current)	(3,723)	(3,817)	(4,042)
Lease liabiliWes IFRS 16 (non-current)	(8,400)	(6,386)	(7,775)
Adjusted Net Financial PosiMon - Including IFRS
16 impact	(59,063)	(56,970)	(55,065)
Impact of amorWsed cost on loans	447	453	-
Other payables for purchase of investments	(551)	(551)	(1,000)
Net Financial PosiMon	(59,166)	(57,068)	(56,065)

Managerial Working Capital The percentage on annualised revenues was 1.3% in Q1 2025, compared to 1.7% in Q1 2024.

In Euro thousands	31/03/2025	31/12/2024	31/03/2024
Trade receivables	39,521	34,831	39,598
Inventories	90,750	86,059	90,788
Trade payables	(124,193)	(112,793)	(119,411)
Managerial Working Capital	6,078	8,097	10,975
% annualised revenue	1.30%	1.70%	2.30%
Other net assets/liabiliWes	(3,412)	(5,795)	1,190
Net Working Capital	2,666	2,302	12,165

***

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

Significant events in Q1 2025

No significant events are reported for the first quarter of the year.

Following the purchases made and the result of the rights offer on the shares subject to withdrawal, as of March 31, 2025 Elica held a total of 3,982,537 treasury shares, or 6.29% of the share capital.

***

Outlook

The sector conCnued to contract in 2024, parCcularly in terms of the Cooking division, impacted by an unfavourable price mix and significant promoConal pressure. The Motors division also saw a slowdown, impacted by residenCal demand weakness and regulatory uncertainty related to the energy transiCon.

These dynamics conCnued into 2025, within an environment sCll shaped by significant inflaCon, declining consumpCon on the main European markets and an increasing focus on sustainable and energy-efficient soluCons.

Against this complex backdrop, the Group conCnues to consolidate its market presence thanks to the consistent expansion of the customer porholio, the development of new products and the strengthening of the direct distribuCon strategy in North America and Canada through the own brands.

Looking to the medium/long-term, Elica confirmed its commitment to transforming the Cooking segment, through investments in the brand, innovaCon and the expansion of the product range. In parallel, within the Motors segment, the Group intends to tap into the energy transiCon-related opportuniCes, parCcularly the development and commercialisaCon of heat pumps, in addiCon to the launch of new products. These strategies form the basis for a gradual recovery of revenue and margin growth, in line with the long-term business vision.

Outlook FY2025:

• YoY flat market amid a deeply uncertain general environment, despite the slightly posiCve signs emerging in Q1.
• Strategic focus on the medium/long-term prioriCes:
  • o Cooking transformaCon
  • o Direct distribuCon in North America and Europe, also through M&A's
  • o Growing market share, search for new business opportuniCes and launch of new Motors Division products

Preliminary guidance:

• Revenues and Margins in line with 2024
• Further improvement in Net Financial PosiZon

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

The Company also announces the launch from April 30, 2025 of a new treasury share buyback programme authorised by the Shareholders' MeeCng of April 29, 2025 (the "Buyback Plan") according to the terms previously disclosed to the market.

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In execuCon of this Shareholders' MeeCng resoluCon, from April 30, 2025 and unCl the Shareholders' MeeCng called to approve the 2025 financial statements, a Buyback Plan shall be launched, for a maximum 1,000,000 treasury shares (represenCng approx. 1.6% of the subscribed and paid-in share capital). The Buyback Plan serves the following purposes:

a) execute any future share-based incenCve plans which may be authorised in favour of Directors and/or employees and/or business partners of the company and/or its subsidiaries, in accordance with applicable legal and regulatory provisions; and/or

b) undertake agreements with individual Directors, employees and/or business partners of the company or companies controlled by it, not falling under the scrip issue plans governed by ArCcle 114-bis of the CFA; and/or

c) act, where necessary, and in compliance with applicable provisions (including those serving market pracCces), directly or through authorised intermediaries, with the objecCve to contain irregular share price movements of the company and/or to enable fluid trading; and/or

d) invest in treasury shares within the pursuit of company policies (for example uClising such as remuneraCon, including shares swaps, for the acquisiCon of investments or in acquisiCon operaCons of other companies), or where market condiCons render such transacCons advantageous; and/or

e) uClise treasury shares for transacCons such as sales, conferment, allocaCon, exchange or other disposal within agreements with strategic partners, or to serve any corporate transacCons (e.g. converCble loans); and/or

f) uClise treasury shares in guarantee of loans.

To execute the Buyback Plan, Elica has appointed Intermonte SIM S.p.A. as the specialised intermediary to adopt decisions on purchases with full autonomy, also with regards to the Cming of transacCons, in compliance with the contractually established parameters and criteria, in addiCon to the applicable rules and the above-stated Shareholders' MeeCng resoluCon.

The Buyback Plan should be executed according to the means and deadlines approved by the Shareholders' MeeCng of April 29, 2025. For further informaCon on the Buyback Plan authorised by the Shareholders' MeeCng, reference should be made to the minutes to the Shareholders' MeeCng of April 29, 2025 and the IllustraCve Report of the Board of Directors, available on the Company's website Shareholders' MeeCng / Elica Corporate.

***

Elica is an Italian company that sits at the forefront of the design and producWon of home appliances for cooking. It boasts over 50 years of history and global leadership in kitchen extractor systems. It is the European benchmark in electric motors for home appliances and boilers. It employs around 2,600 staff between its headquarters in Fabriano and seven faciliWes in Italy, Poland, Mexico and China. These are the figures that tell the story of Elica, which is constantly guided by Chairperson Francesco Casoli. The company's results are inspired by values that have always guided every one of its projects, products, and acWviWes: design that combines aestheWcs and performance for an extraordinary

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

cooking experience, art as a model for creaWve processes and working methods, and innovaWon for technology that brings out the very best in product funcWonality.

***

Definitions and reconciliations

Definitions

EBITDA is the operaCng result (EBIT) plus amorCsaCon and depreciaCon and any impairment losses on Goodwill, brands and other tangible and intangible assets.

EBIT is the operaCng result as reported in the consolidated Income Statement.

Adjusted EBITDA is EBITDA net of the relaCve adjustment items.

Adjusted EBIT is EBIT net of the relaCve adjustment items.

Net financial income/(expense) is the sum of the Share of profit/(loss) from Group companies, Financial income, Financial Charges and Exchange rate gains and losses.

The adjusted result is the result for the period, as published in the Consolidated Income Statement, net of the relaCve adjustment items.

The adjusted Group result is the result for the period abributable to the owners of the Parent, as published in the Consolidated Income Statement, net of the relaCve adjustment items.

Adjustment items: earnings items are considered for adjustment where they: (i) derive from non-recurring events and operaCons or from operaCons or events which do not occur frequently; (ii) derive from events and operaCons not considered as in the normal course of business operaCons, as is the case for impairments, disputes considered atypical in terms of frequency and amount and restructuring charges, of the costs for M&A's, whether executed or not, and any rightsizing costs.

The Earnings (loss) per Share for Q1 2025 and Q1 2024 was calculated by dividing the Group Net Profit as defined in the Consolidated Income Statement, by the number of outstanding shares at the respecCve reporCng dates. The number of shares outstanding at period-end differs from that at March 31, 2024 due to the launch of the treasury share buy-back plan. The earnings (loss) per share so calculated does not match the earnings (loss) per share as per the consolidated Income Statement, which is calculated as per IAS 33, based on the average weighted number of shares outstanding.

Managerial Working Capital is the sum of Trade receivables with Inventories, net of Trade payables, as presented in the Consolidated Statement of Financial PosiCon.

Net Working Capital is the amount of Managerial Working Capital and Other net receivables/payables.

Other net assets/liabiliCes comprise the current porCon of Other assets and Tax Assets, net of the current porCon of Provisions for risks and charges, Other payables and Tax payables, as presented in the Consolidated Statement of Financial PosiCon.

The Adjusted Net Financial PosiCon is the sum of Cash and Cash equivalents, less Current and Non-current bank loans and borrowings at their nominal value, excluding the impact of the amorCsed cost as per IFRS 9 on Bank loans and borrowings, as reported in the Statement of Financial PosiCon.

The Adjusted Net Financial PosiCon - Including IFRS 16 Impact is the sum of the Adjusted Net Financial PosiCon and current and non-current lease payables from applicaCon of IFRS 16, as reported in the

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

Consolidated Statement of Financial PosiCon.

The Net Financial PosiCon is the sum of the Adjusted Net Financial PosiCon - Including IFRS 16 Impact, the impact of the amorCsed cost as per IFRS 9 on Bank loans and borrowings, as reported in the Statement of Financial PosiCon, and of the liabiliCesincluded among other payables arising in relaCon to the acquisiCon of the new companies, belonging to the consolidaCon scope or of addiConal shares in exisCng subsidiaries. The result coincides with the Consob definiCon of the Net Financial PosiCon

Reconcilia2ons

in Euro thousands	Q1 2025	Q1 2024
Operating result – EBIT	794	1,703
(Impairment losses on Tangible and Intangible assets)	110
(Amortisation & Depreciation)	5,834	5,784
EBITDA	6,738	7,487
Cooking production reorganisation
Changes in finished and semi-finished products
Raw materials and consumables
Services
Personnel expenses
Other operating expenses and accruals
Restructuring charges
Realised and unrealised M&A's	57	54
Services	57	54
Other operating expenses and accruals
Other reorganisations and Rightsizing	85	(161)
Services		18
Personnel expenses	20	46
Other operating expenses and accruals		(592)
Restructuring charges	66	367
New Cooking Vision	8	165
Raw materials and consumables	3	151
Services	4	14
Others	111	29
Services	111	16
Other operating expenses and accruals		13
EBITDA adjustment items	261	86
Adjusted EBITDA	6,999	7,573

in Euro thousands	Q1 2025	Q1 2024
Operating result – EBIT	794	1,703
EBITDA adjustment items	261	86
Impairment of Intangible Assets with finite useful life
EBIT adjustment items	261	86

Adjusted EBIT	1,055	1,789

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

in Euro thousands	Q1 2025	Q1 2024
Result for the period	(655)	440
EBIT adjustment items	261	86
Income/(Charges) from sale other investments
Income taxes on adjusted items	63	(163)
Adjusted Net Result	(457)	364
(Profit attributable to non-controlling interests) (Adjustments to non-controlling interests)	(420)	(411)
Adjusted Group Net Result	(877)	47
In Euro thousands	Q1 2025	Q1 2024
Group net result (In Euro thousands) Number of ordinary shares net of treasury shares at the reporting date Earnings/(loss) per share (Euro/cents)	(1,075) 59,427,585 (1.81)	29 62,027,726 0.05
In Euro thousands 31/03/2025	31/12/2024	31/03/2024
Other current receivables 21,254 Tax assets (current) 3,931	17,989 3,918	26,221 2,860
Provision for risks and charges (current) (4,436)	(4,919)	(4,603)
Other current payables (23,687)	(21,974)	(23,753)
Current tax payables (474)	(809)	465
Other net assets/liabilities (3,412)	(5,795)	1,190

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy TEL. +39 0732 6101 FAX +39 0732 610249 CerFfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN