Ariston Holding N.V.

Investor Presentation • Jul 31, 2025

SECOND QUARTER AND FIRST HALF 2025 RESULTS

31ST JULY 2025

Highlights Financials Outlook Appendix

SOLID Q2 ORGANIC GROWTH, MARGIN IMPROVING YOY

Net	644 €M	Heating improving, led by heat pump
revenues	+3.6% YoY organic1	Water heating stable
Adj.	31 €M	Improved YoY margin, thanks to efficiencies and operating leverage, partly
EBIT	4.8% margin	offset by go-to-market, digital, and R&D investments
Free Cash	3 €M	Strong NWC management, Q2 stable at constant perimeter;
Flow	vs. 27 €M in Q2 2024	H1 Free Cash Flow improved YoY
Highlights		Lennox JV: distribution partner to accelerate water heating USA & Canada market penetration Bolt-on acquisition: Z.R.E. for Components division in June
Guidance		2025 guidance confirmed, with narrowed range on net revenues; mid-term outlook unchanged

ARISTON-LENNOX JV TO ACCELERATE IN USA & CANADA WATER HEATING MARKET

Leading NAM HVAC OEM with reputation for innovation, quality, and reliability

Top 3 HVACR distributor with over 300 locations in North America

Omni channel footprint with over 10k direct dealers and ~1k independent distributors

World-class technology integration to deliver innovative and leading products

Establishes strategic partner for water heating technology & manufacturing beginning in early 2026

Active globally in sustainable climate and water comfort solutions

Tank-type water heater leader, top 3 in over 40 countries, and top 5 in the USA

29 manufacturing locations globally underpinned by 29 R&D centers

North America tank-type market served from Saltillo (MX)

Establishes large distribution partner to accelerate the USA & Canada penetration

Strengthening customer relationships through optimal product management, shared market insights and effective technical assistance to promote growth in the water heater sector in the USA and Canada.

DDR HEATING: FIRST STEP IN THE US COMPONENTS MARKET

• Rationale: entry point into the North America components market
• Business: US-based player specializing in tubular electric heaters for professional and industrial applications
• Revenues: 6 \$M, 2024
• Transaction structure: 100% stake acquisition; signing on 12th March 2025

Z.R.E.: ENTRANCE IN NEW MARKET VERTICALS

• Rationale: new band heaters technology for applications in plastics, packaging and medical sectors
• Business: Italy-based player specializing in the design and production of industrial electric heaters
• Revenues: 7 €M, 2024
• Transaction structure: 80% stake acquisition; signing on 12th June 2025

BALANCED EXPOSURE TO BOTH CLIMATE COMFORT AND WATER HEATING MARKETS

FY 2024

GERMAN MARKET UPDATE

'000 PCS

Germany¹ example: heating generators market (volume)

1.Germany represented circa 20% of 2024 Group revenues.

2.New governmental portal to process the incentive requests active since February 2024; incentives paid from October 2024 onwards. 3. Source: BEG website (German Government, Federal Ministry for Economics and Climate Protection). Figures include air-to-air. Source: BDH and Company estimates.

Comments

• •Historically (2013-22): +4% volume growth, replacement market, shift to higher efficiency and renewable solutions
• 2023: exceptional peak driven by incentives and fear of gas boiler ban in 2024 (not materialized); followed by demand normalization coupled with destocking and regulatory uncertainties²
• 2025: market stabilizing but still negative in H1 YoY. HHP growing (c. 20k incentives per month); boiler demand weak

Quarterly avg. of heating heat pumps incentive approvals³ - '000

Highlights Financials Outlook Appendix

SOLID Q2 ORGANIC GROWTH, PARTIALLY OFFSET BY FX

NET REVENUES¹ , €M

Q2 comments

• Heating: continued recovery
  • − Europe: back to growth
  • − Americas: continuing positive trend, FX headwind
• Water heating: organically positive, FX headwind
  • − Europe: positive growth
  • − Asia Pacific & MEA, Americas: organically positive, FX headwind
• Services and Parts: continued to grow
• FX: headwinds mainly in Mexico, US and Asia Pacific countries
• Perimeter variation: Russia reconsolidated since end-March (18.6 €M net revenues) and DDR acquisition on March 12th, 2025

EUROPE GROWTH ACCELERATING QOQ, ROW NEGATIVELY AFFECTED BY FX

Share of net revenues,

%, H1 2025

Q2 comments:

Markets in top 3 countries (Germany, Italy, France) stabilizing but still down, while other markets have positive trend

Ariston overperforming the market trends

Positive Heating Heat pumps demand

Mid-single digit organic growth, offset by FX headwinds Mid-single digit organic growth, more than offset by

strong FX headwinds in Mexico and USA

2025 figures include DDR Heating contribution

ACCELERATION OF INVESTMENTS WEIGHS ON MARGIN IMPROVEMENT

€M, % OF NET REVENUES

Adj. EBIT¹

Q2 comments

• Margin improved by 50bps YoY, driven by efficiency initiatives and moderate operating leverage offset by acceleration of investment in go-to-market, digital and R&D
• Trajectory as per historical H1-H2 seasonality
• Reported EBIT at 61 €M; main adjustments:
  • − Russian subsidiary reconsolidation: -40 €M
  • − PPA amortization: +5 €M

Adj. EBIT historical distribution

FCF PERFORMANCE IMPROVING IN H1

€M

Free Cash Flow

Q2 comments

• Strong NWC discipline: -3.0 p.p. YoY at constant perimeter; Q2 stable vs. Q1 despite seasonality
  • − Perimeter variation drives the quarterly NWC increase
• CapEx increased YoY as planned

Net Working Capital, % of rolling net revenues

NET DEBT INCREASE DUE TO SEASONALITY AND DISTRIBUTION TO SHAREHOLDERS

€M

Leverage¹ 2.1x 2.3x

1. Includes NFP impact from Ariston Thermo Rus LLC reconsolidation.

SOLID NET FINANCIAL POSITION

€M

Q2 comments

• Non-current bank debt duration at 3.2 years:
  • ‒ c.90% of maturities in 2027-2031
• Low sensitivity to inflation: ~70% of long-term debt at fixed-rate or hedged
• Additional 0.9 €BN committed unused credit lines to fuel organic & inorganic growth

Highlights
Financials
Outlook
Appendix

2025 AND MID-TERM GUIDANCE

2025: reversing the trend, drive internal efficiencies

2025 guidance

Top line

• Organic revenues between +1% and +3% YoY like-for-like¹(previously between 0% and +3%)

Profitability

• Adj. EBIT 7+%, thanks to cost efficiencies (Fit-2-Win program and direct cost savings) and operating leverage

Cash Flow

• Generation concentrated in Q4
• Investing more for future development: CapEx 5-6% on revenues

M&A

• Continuous assessment of bolt-on options and strategic M&A

The guidance does not incorporate the potential demand-side implications of ongoing tariff discussions or prospective adjustments across our key markets

Mid-term guidance

• Mid-single-digit organic growth (assuming neutral FX)
• Adj. EBIT margin > 10%

Plus M&A

Company Profile

Deep Dive into Q2/H1 2025 Financials

Champion of Thermal Comfort, with solid growth

• ➢ Balanced presence in Water Heating and Climate Comfort¹
• ➢ Leading market position in 40+ countries worldwide
• ➢ Focused on residential market demand driven by replacement in Europe/Americas and penetration in Asia Pacific & MEA
• ➢ Key strengths to win competition: 95 years of heritage, high quality, innovation and strong relationship with installers
• ➢ Historical annual growth rate of 8% recorded from 2001 to 2024

Driving profitability and cash flow

• ➢ Solid profitability levels average of ~9% adj. EBIT margin² , with peaks up to 10+%
• ➢ Reliable cash conversion average of ~80% FCF/Adjusted Net Profit ratio²

Well-balanced capital allocation

• ➢ CapEx: significant investment on development to drive future growth
• ➢ Key player in M&A
• ➢ Dividend policy designed to fairly distribute returns to shareholders

OUR GLOBAL PRESENCE

STORY OF SOLID AND CONTINUOUS GROWTH, ORGANIC AND INORGANIC

Net revenues

€M

Note: figures adjusted for non-recurring events or transactions, restructuring or employment termination agreements, other events not representative of normal business operations. financial figures from 2001 to 2017 are reported according to Italian GAAP and therefore not fully comparable with figures since 2018. Figures are accounted under the IFRS9, IFRS5 and IFRS16. 2020 adj. EBITDA net of €5M Covid-19 cost, that are recasted to recurring operations. EBITDA 2001 not adjusted.

STEPPING UP EFFORTS ON EFFICIENCY INITIATIVES

	70-80 €M efficiency initiatives in FY 2024			2025-2027 "Fit-2-Win" program
OpEx	Immediate impact: • Labor costs: org. optimization, hiring freeze • Indirect costs: travel, rental, services • Technology: developments re-prioritization without affecting future growth	Goal		Simplify operating model to drive cost efficiency, lean and effective processes
CapEx	• Optimized timing		Organization	Future proof operating model, developing COEs1 , optimizing legal entities setup
• Synergies leveraging global footprint Executed			G&A	Reduce internal demand and simplify processes, upgrade systems & tools and enhance capabilities
		Key	Sales & Service	Increase frontline productivity leveraging data analytics and efficient back-office functions
		areas & actions	R&D	Platform and modularity initiatives, synergies between 70-80 €M impact in 2024 Ariston and Wolf portfolios
As	announced in H1 2024 results presentation		Procurement	Boost data-driven practices such as Should Cost and review policies for non-business critical expenses
			IT	Act as a backbone of the Fit-2-Win transformation, upgrade critical systems, digital transformation, AI

3 years savings target: ~50 €M

STRATEGIC GLOBAL BRANDS

The global expert in heating and water heating, offering a wide range of renewable and high efficiency solutions to provide easy and sustainable comfort to every home

The European high end heating solutions provider that covers the most advanced consumer needs and offers first class service throughout the entire products and systems life cycle

The German indoor climate expert which offers high quality heating, residential ventilationand air handling solutions in close partnership with our professionals.

DISTRIBUTION CHANNELS: MAINLY B2B2C

OUR RELENTLESS COMMITTMENT TO SUSTAINABILITY

ENCRYPTED IN OUR DNA…

.1967

"There is no value in the economic success of any industrial initiative, unless it is accompanied by a commitment to social progress".

Discloses the first social report in italy, published by Battelle Centre de

ARISTIDE MERLONI, FOUNDER

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.2018

.1979

Recherche de Geneve.

Starts reporting non-financial performances and establishes a sustainability governance framework.

.2021

After listing on euronext milan, defines the new esg vision and embarks on the new esg journey towards 2030.

.2023

Releases Road to 100, its ESG roadmap to 2030;

5 ENGAGEMENTS: Solutions, Operations, People & Communities, Customers, Governance;

…SHAPING OUR FUTURE

9 material topics & 10 Clear-cut ESG objectives.

KEY DECARBONIZATION TARGETS TO 2030

Ultimate objective of 100 million tons of CO2 emissions avoided by

2030 thanks to the renewable and high efficiency products we sell in the regions we operate in.

SCOPE 4, WRI

42% Reduction by 2030 in emissions generated by the way we operate vs. 2021. SCOPE 1 AND SCOPE 2, GHG PROTOCOL

>50% Reduction by 2030 in GHG emissions from sold products per €mln value added vs. 2021.

SCOPE 3, GHG PROTOCOL

ESG ACHIEVEMENTS

	2023	2024	2025
	Medal1 Bronze Score: 57/100	Silver Medal1 Score: 68/100
Ratings	Global CSA Score2 27/100 Household Durable CSA Score avg.: 19/100	Global CSA Score2 39/100 Building Products CSA Score avg.: 30/100
improvement	3 B (Household Durable sector)	BBB3 (Building Products sector)
	3.66 (Above median) (Electrical equipment peer group)	4.17 (Leading) (Electrical equipment peer group)	4.63 (Leading) (Electrical equipment peer group)
Emission targets approval		Science Based Targets initiative validated the "Road to 100" decarbonization 2030 targets (Scope 1, Scope 2, Scope 3 emission reduction targets)

1.The EcoVadis assessment evaluates a company on 21 sustainability criteria in four core areas: Environment, Labor & Human Rights, Ethics and Sustainable Procurement.

2.The S&P Global ESG Score measures a company's performance on and management of material ESG risks, opportunities, and impacts informed by a combination of company disclosures, media and stakeholder analysis, modeling approaches, and in-depth company engagement via the S&P Global Corporate Sustainability Assessment (CSA). The Corporate Sustainability Assessment includes 62 industry-specific questionaries.

3.As of 2024, Ariston Group received an MSCI ESG Rating of BBB. MSCI ESG Research provides MSCI ESG Ratings on global public and a few private companies on a scale of AAA (leader) to CCC (laggard), according to exposure to industryspecific ESG risks and the ability to manage those risks relative to peers.

SHAREHOLDERS AND VOTING RIGHTS

AS OF 17 JUNE 2025¹

* Including 535,268 ordinary shares held directly by Mr. Paolo Merloni.

1. Between June and September 2024 Merloni Holding acquired c.1.6m of ordinary listed shares.

Company Profile

Deep Dive into Q2/H1 2025 Financials

NET REVENUES BY DIVISION

Q2 comments:

Improving demand, especially in Europe FX headwinds in Mexico, USA and Australia Good recovery of professional and industrial segments

DDR Heating included in 2025 fugures

Positive growth in most of our markets offset by headwinds in large industrial projects in Europe and some Asian countries

HISTORICAL QUARTERLY GROWTH BY REGION

NET REVENUES, YOY

		2021	2022			20232				20241					2025
	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2
Europe	+6.6%	+18.1%	+17.5%	+18.2%	+15.3%	+14.1%	+16.2%	+59.6%	+50.8%	+46.7%	+38.5%	+48.5%	-18.2%	-20.3%	-17.1%	-10.1%	-16.4%	+2.1%	+3.2%
Asia Pacific & MEA	+5.6%	+20.3%	+54.0%	+52.3%	+48.5%	+18.0%	+40.6%	-1.4%	+3.6%	-1.7%	-4.4%	-1.1%	-4.5%	-11.8%	-7.4%	3.9%	-4.9%	+3.4%	+0.0%
Americas	+16.1%	+24.9%	+15.5%	+17.7%	-5.1%	+5.1%	+7.4%	-4.9%	-22.2%	-4.5%	-3.9%	-8.6%	+4.1%	+5.0%	-7.6%	-6.3%	-1.8%	+0.2%	-0.6%
Total Group	+7.6%	+19.4%	+23.8%	+24.3%	+18.7%	+13.6%	+19.7%	+37.6%	+31.5%	+28.9%	+23.1%	+30.0%	-14.0%	-17.0%	-14.4%	-7.3%	-13.1%	+2.1%	+2.2%
o/w organic	+5.9%	+19.9%	+14.5%	+13.0%	+6.4%	+4.2%	+9.1%	+7.0%	+3.5%	-1.4%	-3.2%	+2.5%	-13.6%	-16.9%	-13.7%	-6.8%	-12.7%	+2.4%	+3.6%

1. Like-for-Like: Ariston Thermo Rus LLC deconsolidated from end-April in 2024 and 2023 (unaudited) figures. Reconsolidated since end-March 2025.

€M

	Q2 2025	Q2 2024	% change
Net revenue	623.6	611.5	2.0%
EBITDA	94.4	6.6	n.m.
% margin	15.1%	1.1%
Adjusted EBITDA	59.2	53.9	n.m.
% margin	9.5%	8.8%
EBIT	59.9	(27.1)	n.m.
% margin	9.6%	(4.4%)
Adjusted EBIT	29.8	26.1	14.2%
% margin	4.8%	4.3%

4

H1 INCOME STATEMENT – REPORTED

€M

	H1 2025	H1 2024	% change
Net revenue	1,291.8	1,274.4	1.4%
EBITDA	158.1	64.4	n.m.
% margin	12.2%	5.1%
Adjusted EBITDA	124.5	113.2	10.0%
% margin	9.6%	8.9%
EBIT	89.2	(3.6)	n.m.
% margin	6.9%	(0.3%)
Adjusted EBIT	65.9	57.0	15.5%
% margin	5.1%	4.5%
Net financial charges	(17.9)	(25.4)
Income/(losses) from associates	(3.6)	(0.0)
Profit before tax	67.7	(29.0)
Taxes	(8.6)	(3.0)
Reported net profit	58.7	(31.9)
Adjusted net profit	38.6	29.2

4

Comments

• Reported figures: Ariston Thermo Rus LLC deconsolidated from end-April in 2024 and reconsolidated from end-March in 2025
• Main adjustments on EBIT:
  • ‒ Reconso of Ariston Thermo Rus LLC: -40€M
  • ‒ PPA amortization: 10 €M

RECLASSIFIED H1 CASH FLOW STATEMENT

€M

	H1 2025	H1 2024	Change
EBITDA	158.1	64.4	93.7
Tax paid	(21.7)	(19.2)	(2.5)
Provisions and other changes from operating activities	(51.1)	34.3	(85.4)
Change in working capital1	(43.5)	(51.0)	7.6
Operating Cash Flow	41.8	28.5	13.3
CapEx	(38.1)	(29.8)	(8.3)
IFRS16 lease payments	(18.7)	(17.2)	(1.5)
Other changes2	0.9	(5.4)	6.3
Free Cash Flow	(14.1)	(23.9)	9.8

Comments

• Cash absorption from Net Working Capital improved vs H1 2024
• EBITDA improvement
• Higher CapEx vs H1 2024, in line with our 2025 guidance

1.Change in working capital does not include FX and acquisition perimeter variation effects.

2.Excludes MtM derivatives impact.

€M

	30/06/2025	31/12/2024	30/06/2024
Liquidity	221.4	357.1	254.4
minus: Current financial indebtedness	(153.1)	(148.2)	(69.1)
minus: Non-current financial indebtedness	(748.1)	(811.7)	(906.2)
Financial Indebtedness1 Net (ESMA guidelines)	(679.8)	(602.7)	(721.0)
Adjustments: Put & call options, escrow accounts and positive MtM	26.0	23.6	33.4
Adjusted Net Financial Indebtedness1 (previous calculation method)	(653.7)	(579.1)	(687.5)

4

Comments

• Non-current bank debt duration at 3.2 years:
  • ‒ c.90% of maturities in 2027-2031
• Low sensitivity to inflation: ~70% of longterm debt at fixed-rate or hedged
• Additional 0.9 €BN committed unused credit lines to fuel organic & inorganic growth

DISCLAIMER

This document contains forward-looking statements that relate to future events and future operating, economic and financial results of Ariston Group. By their nature, forward-looking statements involve risk and uncertainty because they depend on the occurrence of future events and circumstances. Actual results may differ materially from those reflected in forward-looking statements due to a variety of factors, most of which are outside of the Group's control, including the direct and indirect consequences resulting from the ongoing developments in Ukraine and Russia.

THANK YOU

Investor Relations contacts +39 02 8567 2317

investor.relations@ariston.com