Elica

Investor Presentation • Apr 29, 2025

01 2025 Results

Analyst Presentation

April 29th, 2025

NHO

elica Agenda

Q1 2025 Highlights .01

Financial Review .04

Industry Trend .02

Sales Dynamics .03

Closing Remarks & Outlook .05

Annex: .06 Financial Highlights

01 Q1 2025 Highlights

Highlights Q1

Back to growth in both divisions in a weak reference market, while investing in our business

NET SALES 118,8 ME

YoY CHANGE +1,6 MŁ +1,3% (+1,2% organic)

Encouraging Dynamics in an uncertain business environment

• = Cooking Division: Brand sales growing in North America; new OEM projects win starting to deliver. Neutral Tariffs effect so far.
• Motor Division: share gain in all major accounts driving growth in both Heating and Ventilation.

EBIT ADJ 1,1 ME 0,9%

YoY CHANGE -0,7 ME -0,6 pts

Transformation and Projects Execution impacting margins: priority remains Mid-Term

• = Intensified Investments in Cooking transformation (LHOV, Display, Training, Netherlands, North-East US ...), increasing Trade Marketing activity.
• Persisting high promotional environment.

NEP (46,9) MŁ Leverage: 1,5x

YoY CHANGE -3,7 ME

Solid Debt Profile

• Net Financial Position stable from year-end 2024, thanks to consistent financial management and obsessive control over new working capital
• CAPEX further optimization
• · Leverage strongly below covenants

Highlights Q1

Back to growth in both divisions in a weak reference market, while investing in our business

NET SALES	YoY CHANGE	-10%	-14%	-18%	-13%	-9%	-4%	-1%	-2%	+1%	Delta vs PY
118,8 MŁ	+1,6 M£ +1,3% (+1,2% organic)	129	126	106	113	117	120	104	111	119
		Q1 '23	Q2 '23	Q3 '23	Q4 '23	01 '24	Q2 '24	Q3 '24	Q4 '24	01 '25
EBIT ADJ 1,1 MŁ 0,9%	YoY CHANGE -0,7 MŁ -0,6 pts	5,2% 6,7	6,0% 7,5	5,0% 5,2	4,4% 5,0	1,5%	2,8% 3,3	2,2% 2,3	0.6%	0.9%
		01 '23	Q2 '23	Q3 '23	Q4 '23	1,8 Q1 '24 EBIT	02 '24 EBIT %	Q3 '24	0,7 Q4 '24	1.1 01 '25
NFP	YoY CHANGE	0,7	0,8	0,9	0,9	1,0	1,2	1,5	1,5	1,5
(46,9) MŁ	-3,7 MŁ	33	37	47	41	43	45	48	47	47
Leverage: 1,5x		Q1 '23	Q2 '23	Q3 '23	04 '23	Q1 '24 NFP ========================================================================================================================================================================	02 '24	Q3 '24	Q4 '24	01 '25

* EUROPE 22 - SOURCE: ELICA GROUP ESTIMATES.

Volume Data Change % vs LY

Market Size (2024): 5,6 M units

Jan/Feb

Market Size (2024): : 0,5 M units

Q12022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q3 2024 Q4 2024 2025

Jan/Feb

Persisting high promotional environment

Average Market Price flattening vs. Q4 2024 despite seasonality

2023- 2024-2025 AVERAGE PRICE TREND IN EUROPE (Excluding Russia)

NORTH AMERICA: Industry Shipments

Volume Data Change % vs LY

(*) Cooking includes = 10% Microwaves anticipated purchases for China due to tariffs increase expectations (+2,7% excluding Microwaves)

03 Sales Dynamics

Sales Key Drivers & Regional Overview

Sales Key Drivers

Sales by Business

Positive sales variance (+1%) Q1 2024

• Growth in the North America driven by the new distribution strategy implemented in the region.
• = New projects win positively impacting on OEM sales.
• Motor Division performing better than the reference market thanks to share increase and new projects.

Cooking Sales by Region & by brand

Cooking Sales by Region

	Americas	Emea	Asia	- Cooking 111 D
Q1 2024	17,8	66,3	6,3	90,4
Currency	+0,1	+0,2	+0,0	+0,3
	+0,7%	+0,2%	+0,4%	+0,3%
ORGANIC Growth	+1,1	-2,1	+1,6	+0,5
	+5,9%	-3,2%	+24,7%	+0,5%
YoY Change	+1,2	-2,0	+1,6	+0,8
	+6,6%	-3,0%	+25,1%	+0,9%
01 2025	19,0	64,3	7,9	91,2

Cooking Sales by brand

	OEM	Own Brand	" Cooking
Q1 2024	37,6	52,8	90,4
Currency	+0,1	+0,2	+0,3
	+0,3%	+0,4%	+0,3%
ORGANIC Growth	+0,6	-0,1	+0,5
	+1,7%	-0,3%	+0,5%
YoY Change	+0,8	+0,1	+0,8
	+2,2%	+0,1%	+0,9%
Q1 2025	38,3	52,9	91,2

Americas Sales Highlights

Americas Cooking Sales

€ M	Q1 2025	VAR vs 2024
B2C	5,8	+1,2	+27%
B2B	13,1		-0/o
Total Americas	19,0	+1,2	+7%

B2C growing double digit in a persisting weak market, thanks to direct distribution strategy and enlarged product offer:

• · Increased customer base in North America with the activation of new distributors/customers
• · «Boots on the Ground» new distributors (SEA & AG) delivering ~2M€ Sales in Q1 2025
• · Focus on new induction and aspiration hobs manufactured in Mexican plant and enlarged product & brands offer.

elica USA - Duties Summary Update

DUTIES ON FINISHED PRODUCTS

Tariffs driven price increase effect on consumer demand to be evaluated.

elica Boots on the Ground: Direct Distribution expansion to Northeast US

We're glad to announce that we've expanded to the Northeast! This growth allows us to bring our commitment to innovation, design, and quality to even more kitchens across the country. Now bigger and better than ever, we're here to offer top-tier solutions right where you need them most.

04 Q1 Financial Review

elica Q1 2025 Results

€M	Q1 2025	Q1 2024	% VAR
NET SALES	118,8	117,2	1,3%
ADJUSTED EBITDA	7,0	7,6	(7,6)%
% NET SALES	5,9%	6,5%	-60 bps
ADJUSTED EBIT	1,1	1,8	(41,1)%
% NET SALES	0,9%	1,5%	-60 bps
REPORTED EBIT	0,8	1,7	(53,4)%
% NET SALES	0,7%	1,5%	-80 bps
PBT	(0,7)		n.a.
% NET SALES	(0,6)%	-0/0	-60 bps
NET PROFIT	(0,7)	0,4	n.a.
% NET SALES	(0,6)%	0,4%	-90 bps
GROUP NET PROFIT	(1,1)		n.a.
% NET SALES	(0,9)%	-%	-90 bps

CHANGES vs. PRIOR YEAR

	Q1
VOLUME	+
PRICE / MIX
COOKING TRANSFORMATION
INFLATION/COST TAKEOUT	+
CURRENCY	+
D&A
ADJ EBIT	(0,7)
NBI
FINANCIAL COSTS	+
COMBINED TAX RATE
NET PROFIT	(1,1)

Net Financial Position

€M	01 2025	Q1 2024	VAR
OPENING NFP	57,0	53,4	(3,6)
IFRS 16 EFFECT	10,2	12,1	(1,9)
OPENING NFP - Net of IFRS 16	46,8	41,3	(5,5)
OPERATING CASH FLOW	6,3	7,5	(1,2)
CAPEX	(1,9)	(3,1)	1,2
TAXES	(0,9)	(0,9)	0,0
OPERATING FCF	3,6	3,5	0,2
% SALES	0,8%	0,7%
BUY BACK	(0,1)	(0,4)	0,3
DIVIDEND & FINANCIAL ITEMS	(1,9)	(2,4)	0,6
OTHER NRI	(1,8)	(2,5)	0,7
CLOSING NFP - Net of IFRS 16	46,9	43,2	(3,7)
LEVERAGE - (NFP/EBITDA)	1,5	1,0

• Net Financial Position stable vs. year-end 2024 despite negative seasonality, thanks to consistent financial management and control over working capital
• Operating cash Flow slightly better than Q1 2024: negative EBITDA variance more than balanced by CAPEX optimization and WC.
• · Positive impact of Financial items & Other NRI
• Leverage ratio strongly below covenant

05 Closing Remarks & Outlook

PERSENSE PORCE

Closing Remarks: Driving Transformation in a "Perma-Crisis" scenario

Closing Remarks: Driving Transformation in a "Perma-Crisis" scenario

▪ Q1 Highlights & Take-Aways

• · Encouraging Dynamics in an uncertain business environment: growth in both divisions, but still 9 months ahead of us.
• · Transformation and Projects Execution impacting margins: priority remains and will remain Mid-Term.
• Solid Debt Profile.

→ Take-Away: Strategy is starting to deliver in a still weak reference market

▪ No Changes on 2025 Preliminary Expectations

• · YoY flat industry in our key market geographies, despite negative demand in Of & geopolitical scenario remains uncertain.
• · Strategy remains focused on our Mid-Term priorities, and this will affect margins improvement in the Short-Term:
  • Extraordinary Cooking Transformation
  • =
  • =
• Preliminary Guidance:
  • Revenues and Margins in line with 2024
  • Further Improvement in NFP

Annex: 06 Financial Highlights

€M	Q1 2025	Q1 2024	%
NET SALES	118,8	117,2	1,3%
EBITDA Adj	7,0	7,6	(7,6)%
%	5,9%	6,5%	-60 bps
EBITDA	6,7	7,5	(10,0)%
%	5,7%	6,4%	-70 bps
EBIT	0,8	1,7	(53,4)%
%	0,7%	1,5%	-80 bps
Net Result	(0,7)	0,4	248,9%
%	(0,6)%	0,4%	-90 bps
EPS* - Euro cents	(1,81)	0,05	n.a

* 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.

Net Working Capital

€M	Q1 2025	FY 2024	△
Trade receivables	39,5	34,8	4,7
% on annualized sales	8,3%	7,4%	90 bps
Inventories	90,8	86,1	4,7
% on annualized sales	19,1%	18,2%	90 bps
Trade payables	(124,2)	(112,8)	(11,4)
% on annualized sales	(26,1)%	(23,8)%	-230 bps
Managerial Working Capital	6,1	8,1	(2,0)
% on annualized sales	1,3%	1,7%	-40 bps
Short term assets & liabilities	(3,4)	(5,8)	2,4
% on annualized sales	(0,7)%	(1,2)%	50 bps
Net Working Capital	2,7	2,3	0,4
% on annualized sales	0,6%	0,5%	10 bps

Consolidated Cash Flow

€M	Q1 2025	Q1 2024
Operating Cash Flow	5,5	5,2
Capex	(1,9)	(3,1)
Cash Flow from Financial Activities	(4,0)	(3,8)
Net Financial Position	(0,4)	(1,8)

Consolidated B/S

	01 2025	Q1 2024		Q1 2025	Q1 2024
Net Operating Fixed Assets	192,2	187,9	Net Financial Position *	58,6	55.1
Net Working Capital	2,7	12,2	Group Equity	132,2	142,7
			Minorities	5,9	5,0
Net Financial Asset	1,8	2,7	Total Shareholders' Equity	138,1	147,7
Net Capital Employed	196,7	202,8	Total Sources	196,7	202,8

* Including IFRS 16 effect.

elica Non Recurring items & Minorities

Non Recurring items

€ M	Q1 2025	Q1 2024
RESTRUCTURING SG&A	(0,1)	0,2
OTHERS	(0,2)	(0,2)
Total Non Recurring Items	(0,3)	(0,1)

Minorities
€M	MINORTY SHARES	Q1 2025	MINORTY SHARES	Q1 2024
ARIAFINA	49%	0,4	49%	0,4
Total MINORITIES		0,4		0,4

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: investor-relations@elica.com

Elica S.p.A .:

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

Press Office: Havas PR Agnese Borri T + 342 8090372 E-mail: agnese.borri@havaspr.com Caterina Matacera T +39 342 8646489 E-mail: caterina.matacera@havaspr.com Eleonora Di Salvo T +39 0285457081 E-mail: eleonora.di-salvo@havaspr.com

Thank you

aica