Sit

Investor Presentation • Oct 27, 2025

Data/Ora Ricezione : 27 Ottobre 2025 13:15:24

Oggetto : SIT 9M 2025_Results Presentaion

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9M 2025– Results presentation

Highlights

9M 25 Adj 9M 24 Adj diff%

•	Q3 consolidated revenues are at €84,3 +17,2% vs PY
---	----------------------------------------------------	--

• Heating & Ventilation accounts €58,1 with a 11,6% increase vs PY
• Metering at €24,4 is +26,3% vs PY, with Gas metering performing +34,6% and Water metering at +13,2% vs PY
• 9M consolidated revenues are at €238,0 +6,8% vs PY
• 9M EBITDA adj of €32,5 at 13,6% of revenues (+81,4% vs PY) confirms beneficial impact of increase in volumes and effectiveness of cost efficiencies
• 9M confirms positive EBIT adj at €12,9 (at 5,4% of revenues) underpinning turnaround in operating performance
• Net debt at €141,9 vs €159,0 of PY

Revenues	238 0 ,	222 8 ,	6 8% ,
Purchasing	118 2 ,	115 8 ,	2 0% ,
Services	34 3 ,	32 9 ,	3% 4 ,
Personnel	50 3 ,	55 2 ,	(8 8%) ,
Deprec & Ammort	19 6 ,	20 9 ,	(6 0%) ,
Provvisions	1 2 ,	0 2 ,	-
Other charges	1 3 ,	0 7 ,	-
EBIT Adj	12 9 ,	-3 0 ,	531%
Financial charges , net	-4 4 ,	-5 0 ,	(10 8%) ,
Forex , net	0 4 ,	0 2 ,	-
Adj EBT	8 9 ,	-7 7 ,	215%
Income taxes	-4 3 ,	1 3 ,	-
Adj Net income	4 6 ,	-6 5 ,	172%
Adj EBITDA	32 5 ,	17 9 ,	81 4% ,

€ millions, unless otherwise stated

Adjustments are for one-off items

EBITDA Adj margin 13,6% 8,0%

Key financial results

, unless otherwise stated €M	9M 25	%	9M 24	%	Chg . YoY
Revenues	238 0 ,	100 0% ,	222 8 ,	100 0% ,	6 8% ,
EBITDA	28 6 ,	12 0% ,	19 ,4	8 ,7%	47,1%
D&A impairment of assets ,	19 6 ,		20 9 ,
EBIT	9 0 ,	3 8% ,	(1 ,5)	-0 ,7%	710 1% ,
financial (charges)/income Net	(4 4) ,		(8 9) ,
forex (charges)/income Net	0 4 ,		0 2 ,
EBT	5,0	2 1% ,	(10 2) ,	-4,6%	149 2% ,
Taxes	(3 4) ,		1 9 ,
income Net	1 6 ,	0 ,7%	(8 3) ,	-3 ,7%	119 6% ,
Cash flow from operations	11 9 ,		3 6 ,
NTWC	72 1 ,		0 77 ,
financial debt Net	141 9 ,		159 0 ,
adj EBITDA	32 ,5	13 6% ,	17 9 ,	8 0% ,	81 4% ,
EBIT adj	12 9 ,	5,4%	(3 0) ,	-1 3% ,	531 ,5%
(charges)/income financial adj Net	(4 4) ,	(1 9%) ,	(5 0) ,	(2 2%) ,	(10 8%) ,
adj Net income	4 6 ,	1 9% ,	(6 ,5)	(2 9%) ,	171 ,7%

• 9M consolidated revenues account 6,8% increase
• Divisional trends:
• –Heating & Ventilation: +6,0%, 7,5% at same forex
• –Metering: +4,7%
• 9M 25 Reported financials reflect one-off costs for €3,9M mainly regarding ongoing reorganization activities
• 9M 24 net financial charges include €4,0M bank negotiation cost as per IFRS9
• 9M 25 vs 9M 24 tax accruals reflect change in deferred tax accounting in line with FY24 closing
• Cash flow from operations is positive for €11,9M accounting significant improvement vs PY
• NTWC of €72,1 vs €77,0 of PY both at approx. 22% of revenues
• Net financial debt stands at €141,9 vs €159 of PY on track for year end target
• 9M 25 EBITDA adj and EBIT adj confirm operating performance turnaround

Consolidated revenues – 9M

Breakdown by Division

, unless otherwise €M stated	9M 25	%	9M 24	%	Chg . YoY
& Ventilation Heating	164 8 ,	69 2% ,	155 5 ,	69 8% ,	6 0% ,
Metering	68 2 ,	28 7% ,	65 1 ,	29 2% ,	4 7% ,
Total business sales	233,0	97,9%	220,7	99,0%	5,6%
Other revenues	5 0 ,	2 1% ,	2 2 ,	1 0% ,	128 5% ,
Total revenues	238,0	100,0%	222,8	100,0%	6,8%

Breakdown by geography

€M , unless otherwise stated	9M 25	%	9M 24	%	Chg . YoY
Italy	75	6%	70	4%	6%
	3	31	0	31	7
	,	,	,	,	,
(excuding	95	40	94	42	1
Italy)	7	2%	0	2%	8%
Europe	,	,	,	,	,
America	46	19	35	16	29
	4	5%	7	0%	9%
	,	,	,	,	,
Asia/Pacific	20	8	23	10	(11
	6	6%	1	4%	1%)
	,	,	,	,	,
Total revenues	238,0	100,0%	222,8	100,0%	6,8%

Consolidated revenue bridge (€M)

Consolidated revenues – Q3

Breakdown by Division

, unless otherwise stated €M	Q3 25	%	Q3 24	%	Chg . YoY
Ventilation Heating &	58 1 ,	68 9% ,	52 1 ,	72 4% ,	11 6% ,
Metering	24 4 ,	28 9% ,	19 3 ,	26 8% ,	26 3% ,
Total business sales	82,5	97,9%	71,4	99,2%	15,6%
Other revenues	1 8 ,	2 1% ,	0 6 ,	0 8% ,	211 4% ,
Total revenues	84,3	100,0%	71,9	100,0%	17,2%

Breakdown by geography

, unless otherwise stated €M	Q3 25	%	Q3 24	%	Chg . YoY
Italy	24	29	19	26	28
	4	0%	0	4%	5%
	,	,	,	,	,
(excuding	34	41	31	44	10
Italy)	8	3%	7	0%	0%
Europe	,	,	,	,	,
America	17	20	13	18	30
	3	5%	3	5%	4%
	,	,	,	,	,
Asia/Pacific	7	2%	8	1%	(3
	7	9	0	11	3%)
	,	,	,	,	,
Total revenues	84,3	100,0%	71,9	100,0%	17,2%

Consolidated revenue bridge (€M)

Heating & Ventilation sales

Q3 sales by geography

€M , unless otherwise stated	Q3 25	%	Q3 24	%	Chg . YoY
Italy	8	1%	7	6%	3%
	8	15	6	14	15
	,	,	,	,	,
(excuding	25	43	24	47	2
Italy)	3	6%	7	4%	7%
Europe	,	,	,	,	,
America	6	26	12	23	30
	15	8%	0	0%	0%
	,	,	,	,	,
Asia/Pacific	8	14	7	15	8
	4	5%	8	0%	2%
	,	,	,	,	,
Total business sales	58,1	100,0%	52,1	100,0%	11,6%

9M sales by geography

€M , unless otherwise stated	9M 25	%	9M 24	%	Chg . YoY
Italy	30	5%	26	2%	1%
	5	18	8	17	14
	,	,	,	,	,
(excuding	69	42	72	46	(2
Italy)	9	4%	0	3%	9%)
Europe	,	,	,	,	,
America	42	25	32	21	29
	4	7%	7	1%	6%
	,	,	,	,	,
Asia/Pacific	22	13	24	15	(8
	0	3%	1	5%	7%)
	,	,	,	,	,
Total business sales	164,8	100,0%	155,5	100,0%	6,0%

Divisional sales:

• Q3 up 11,6%, (14,6% at same forex)
• YTD up 6,0%, (7,5% at same forex)
• Italy Q3 accounts 15,3% increase with YTD at +14,1% confirming positive trend of the last quarters. All product families involved, especially ventilation for Direct Heating applications
• Europe Q3 accounts increase for 2,7% bringing YTD at 2,9%. Quarterly performance was impacted by improvement in Turkey Central Heating applications. Central Europe markets grow while UK is flat in the quarter.
• America. Q3 sales are up €3,6M, (+30%, +39% at same forex) due to both Central Heating and Direct Heating applications. YTD is confirmed +29,6%, 35,4% at same forex)
• Asia/Pacific Q3 is up 8,2% bringing YTD to -8,7%. China is confirming weak market also in Q3 offset by other geographies

Metering sales

Q3 Smart Gas Metering

€M , unless otherwise stated	Q3 25	%	Q3 24	%	Chg . YoY
Residential	12	79	9	78	36
	6	1%	3	2%	1%
	,	,	,	,	,
Commercial	3	20	2	21	28
Industrial	3	5%	5	4%	8%
&	,	,	,	,	,
Other	0	0	0	0	59
	1	4%	0	3%	0%
	,	,	,	,	,
Total business sales	15,9	100,0%	11,8	100,0%	34,6%

Q3 Water Metering

, unless otherwise stated €M	Q3 25	%	Q3 24	%	Chg . YoY
finished	3	63	3	1%	61
Water	5	0%	3	44	9%
meters,	,	,	,	,	,
Water	2	32	3	50	(27
meter	8	7%	8	8%	2%)
parts	,	,	,	,	,
Other	0	4	0	5	(5
	4	3%	4	1%	6%)
	,	,	,	,	,
Total business sales	8,5	100,0%	7,5	100,0%	13,2%

9M Smart Gas Metering 9M Water Metering

€M , unless otherwise stated	9M 25	%	9M 24	%	Chg . YoY
Residential	37	84	32	74	15
	4	0%	3	5%	9%
	,	,	,	,	,
Commercial	6	15	8	19	(17
&	9	5%	4	3%	5%)
Industrial	,	,	,	,	,
Other	0	5%	2	2%	(91
	2	0	7	6	9%)
	,	,	,	,	,
Total business sales	44,5	100,0%	43,3	100,0%	2,8%

€M , unless otherwise stated	9M 25	%	9M 24	%	Chg . YoY
finished	13	0%	8	1%	0%
Water	0	55	7	40	49
meters,	,	,	,	,	,
Water	9	40	11	54	(19
meter	5	1%	8	3%	7%)
parts	,	,	,	,	,
Other	1	4	1	5	(4
	2	9%	2	6%	7%)
	,	,	,	,	,
Total business sales	23,7	100,0%	21,8	100,0%	8,7%

9M 25 Smart Gas Metering are 94% in Italy vs 97% of PY 9M 25 Water Metering are 19% in Portugal, 29% in Spain, 38% Rest of Europe, 12% America

Net trade working capital

€M, unless otherwise stated	2025.09	2024.12	YTD change	2024.09	2023.12	YTD change	YoY change
Inventory	81,4	72,3	9,1	72,3	83,3	(11,1)	9,1
Accounts receivables	63,1	60,3	2,8	60,3	63,5	(3,2)	2,8
Accounts payables	(72,4)	(66,9)	(5,5)	(66,9)	(66,9)	(0,0)	(5,5)
Net Trade Working Capital	72,1	65,6	6,4	65,6	79,9	-14,3	6,5
NTWC/Revenues	22,7%	21,9%	0,7%	22,1%	24,5%	-2,4%	0,6%

YTD reported 9M 25 NTWC: +€6,4

• YTD NTWC in Heating & Ventilation is in line with expected normalized seasonality
• YTD NTWC in Metering is consistent with order book and sales forecast
• Account Receivables and Account payables are in line with volume effect

YOY change in NTWC: +€6,5

NTWC/Revenues % in line with PY

Cash flow and Net debt

Change in net debt

, unless otherwise stated €M	9M 25	9M 24
Current cash flow	29 9 ,	16 5 ,
Change in NTWC	(4 5) ,	2 4 ,
Inventory	(9 1) ,	(4 4) ,
Accounts Receivables	(2 8) ,	3 2 ,
Accounts Payables	7 4 ,	3 7 ,
Other working capital	(6 6) ,	(3 6) ,
Capex , net	(6 9) ,	(11 8) ,
Cash flow from operations	11 9 ,	3 6 ,
Financial charges	(5 6) ,	(5 3) ,
IFRS - Leases 16	(0 5) ,	(0 4) ,
Other	(1 9) ,	(3 2) ,
Change in debt net	4 0 ,	(5 3) ,
	145 9	153 7
Net debt - BoP Net debt - EoP	, 141 9 ,	, 159 0 ,

• Current cash flow improvessignificantly from €16,5M to €29,9M
• YTD change in NTWC due to seasonality
• Other working capital is mainly VAT credit due to increase in volumes
• Capex for €6,9M vs €11,8M of PY

Net financial position

€M, unless otherwise stated	30/09/2025	31/12/2024	30/09/2024
(Cash & cash equivalents)	(14 6) ,	(14 0) ,	(7 5) ,
Current debt , net	32 7 ,	23 8 ,	25 2 ,
Non debt current	112 2 ,	121 8 ,	127 4 ,
MTM derivatives & M&A debt	1 8 ,	2 6 ,	2 3 ,
IFRS 16 - Leases	9 8 ,	11 7 ,	11 6 ,
Net debt - EoP	141,9	145,9	159,0

• Net Debt/EBITDA Adj LTM: 3,4x vs 5,3x vs 6,4x of previous year

Final comments and FY outlook

2025 strategic priorities are:

• Restoring of profitability across all lines of the income statement
• Progressive reduction of net financial debt

All accomplished as planned:

• Adjusted EBITDA is expected to remain solidly positive in double digits despite less favourable revenue and currency mix landing around €40M
• Projected EoY net financial position is confirmed in improvement around €140M

Optimization of capex while maintaining a strict focus on efficiency without compromising product development and innovation

Regulatory statement

The manager responsible for the preparation of the company's accounts, Paul Fogolin, hereby declares, as per article 154 bis, paragraph 2, of the "Testo Unico della Finanza", that all information related to the company's accounts contained in this presentation are fairly representing the accounts and the books of the company.

Paul Fogolin Chief Financial Officer paul.fogolin@sitgroup.it

Investor Relations Mara Di Giorgio +39 335 773 7417 investorrelations@sitgroup.it

Disclaimer

This presentation has been prepared by SIT S.p.A. only for information purposes and for the presentation of the Group's results and strategies.

For further details on the SIT Group, reference should be made to publicly available information.

Since at the moment there is no existing reliable market research which provide the required level of detail, nor any official data, the statements of key information, the assessments concerning the positioning of SIT Group and the assessments regarding the market and the market segments of the reference market are based exclusively on assessments carried out by SIT's management, in accordance to its own knowledge of the market and its analysis of the data gathered. For such reason, these statements and assessments may not be updated and/or may also be quite approximate. Due to the lack of reliable and standardized data and of market data provided by third parties, these assessments are necessarily subjective and are provided, unless otherwise specified, by SIT on the basis of the analysis of the data it, as a company, has gathered. These evaluations and the performance of the industries in which SIT operates could prove to be different from those assumed due to the known and unknown risks, the uncertainties and other causes.

Statements contained in this presentation, particularly those regarding any SIT Group possible or assumed future performance, are or may be forward looking statements and in this respect they involve some risks and uncertainties.

Any reference to past performance of the SIT Group shall not be taken as an indication of future performance.

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