Ariston Holding N.V.

Earnings Release • Dec 10, 2025

November 3rd, 2022

Ariston reports solid revenue (€1,725M) with continued yearover-year strong growth (+22%) for the first nine months

FINANCIAL HIGHLIGHTS OF THE FIRST NINE MONTHS OF 2022

• Net revenue at 1,725 million euros, up 22.2% compared to the first nine months of 2021 thanks to yet another strong quarter (+ 18.7% year-on-year, including Chromagen)
• EBIT Adjusted amounted to 139.5 million euros, up 2.4% compared to the first nine months of 2021
• Pre-tax profit of 122 million euros, up 6.3% year-on-year
• Free Cash Flow at -62 million euros, vs. +43 million euros in the first nine months of 2021
• Net financial position (debt)¹ at 38 million euros at 30 September 2022 as a consequence of the strong increase in working capital since the beginning of the year, disbursements for acquisitions, dividend payment and purchase of treasury shares – compared to 149 million net cash at 31 December 2021

UPDATE ON THE FLOOD OCCURRED IN THE MARCHE REGION (ITALY) ON SEPTEMBER 15, 2022

• Genga plant: production partially resumed after 7 weeks of stop
• Cerreto D'Esi plant: production partially resumed after 3 weeks and quickly ramping up
• Full reinstatement of pre-existent capacity expected in early Q1 2023
• Impacts on revenue, EBIT and FCF due to lack of production and additional costs

RESIGNATION OF A BOARD MEMBER

Sabrina Baggioni to take on the role of Chief Digital and Marketing Officer for Ariston Group

"It was yet another quarter of strong growth, driven by the demand of renewable solutions" - commented Paolo Merloni, Executive Chairman, adding that "The activities for the closing of the acquisition of CENTROTEC Climate Systems, the largest operation in the history of Ariston, are proceeding as expected; after the antitrust clearance received yesterday, everything is ready for the Extraordinary General Meeting to give the final approval."

"Growth in the third quarter was in line with plans, despite the slowdown registered in the American markets" added Laurent Jacquemin, Chief Executive Officer - "Our global footprint allowed us to mitigate the impacts from the stop of production at the Genga and Cerreto sites following the flood in the Marche region in mid-September; at present, those sites are partially resuming their activity."

The Board of Directors of Ariston Holding N.V. (MTA / EXM; Bloomberg ticker: ARIS IM) met today and approved the disclosure of additional periodic financial information relating to the first nine months of 2022 ("9M 2022")

¹ Calculated according to ESMA guidelines 32-382-1138

9M 2022 CONSOLIDATED RESULTS

Net Revenue amounted to 1,725.3 million euros, up 22.2% compared to the 1,412.3 million euros achieved in the first nine months of 2021. Performance was particularly strong in the Thermal Comfort division, strongly supported by the growing demand for sustainable heating systems in Europe, and despite a sharp slowdown in sales on American markets. Growth in the quarter was + 18.7%, of which + 7.2% represented by the acquisition of Chromagen and + 5.5% by currency exchange.

€M	9M 2022	9M 2021	Change	o/w M&A
Thermal Comfort	1,587.1	1,285.2	+23.5%	100.0
Burners	67.8	68.0	-0.2%
Components	70.4	59.1	+19.0%
Total	1,725.3	1,412.3	+22.2%	100.0

€M	9M 2022	9M 2021	Change	o/w M&A
Europe	1,118.1	955.7	+17.0%	4.1
Americas	212.1	195.7	+8.4%	1.0
Asia/Pacific & MEA	395.2	261.0	+51.4%	94.9
Total	1,725.3	1,412.3	+22.2%	100.0

The effect of currency exchange in the nine months was favorable and amounted to 4.1%.

EBITDA stood at 192.5 million euros, up by 7.5% compared to 179.0 million euros in the corresponding period of 2021, while EBIT amounted to 125.4 million euros, up 2.1% compared to 122.8 million euros in the first nine months of 2021.

These margins are also presented in an adjusted form more suitable for assessing the performance of normal business operations, with the exclusion of costs or revenues not representative of them; the most significant adjustments in the nine months consisted in expenses related to M&A, extraordinary costs related to the flood, the devaluation of some assets in Ukraine, the net capital gain of real estate transactions, and – for the EBIT – amortization of PPA.

EBITDA adjusted amounted to 201.5 million euros, with a growth of 5.7% compared to the 190.6 million euros recorded in the first nine months of 2021, with a decrease in margin on net revenues from 13.5 % to 11.7%.

EBIT adjusted amounted to 139.5 million euros, up 2.4% compared to 136.2 million euros in the first nine months of 2021. The corresponding margin on net revenues went from a record-high 9.6% in the first nine months of 2021 to 8.1%, incorporating a dilution from M&A, an increase in commercial, general and administrative expenses to support growth, and a further increase in commodity prices recorded immediately after the Russian invasion of Ukraine, as well as a further increase in spending on energy supplies in the third quarter.

Pre-tax profit for the nine months amounted to 122.0 million euros, up by 6.3% compared to 114.7

million euros in the corresponding period of 2021.

Free Cash Flow (FCF) in the first nine months of the year was equal to -62.3 million euros, versus +43.0 million euros in the first nine months of 2021. Among its components, the increase in EBITDA was overshadowed by a significant increase of cash absorbed by working capital, carried out in order to preserve business continuity in the presence of strong disruptions to the supply chain and logistics all over the world. In the fourth quarter, FCF is expected to be strongly positive, albeit influenced by the cash revenue shortfall related to suspended production in the flooded plants.

Net Financial Debt at 30 September 2022 (calculated according to ESMA guidelines 32-382-1138) went from 149.0 million euros of net cash at the beginning of the year to 37.6 million euros of net debt, essentially due to the increase in working capital, the disbursements for acquisitions, the payment of dividends, and the purchase of treasury shares to service future long-term incentive plans.

For comparative purposes, applying the calculation method used before the adoption of the ESMA guidelines, the Net Financial Position went from 184.8 million euro net cash at the beginning of the year to 0.9 million euro net cash at 30 September 2022. The main differences are the inclusion by ESMA – among the liabilities – of Put & Call options relating to acquisitions, and the neutralization of positive Mark-to-Market on derivatives.

UPDATE ON THE FLOOD IN THE MARCHE REGION

In the evening of September 15, 2022, the Genga and Cerreto D'Esi plants, both in the province of Ancona and dedicated to the production of electric water heaters, were affected by a flash flood of catastrophic proportions that reduced their production capacity to zero. Fortunately, no people were harmed.

The Group immediately activated every possible initiative to restore the state of the buildings, infrastructures and production equipment.

The Cerreto plant, which has a production capacity of around 1,000,000 pieces per year, resumed activity after three weeks and is ramping up quickly; it is currently operating at nearly full capacity.

In Genga, a plant with a capacity of around 1,600,000 pieces per year and where major damage was recorded, production is resuming in these days (after approximately 7 weeks) at about 40-50% of the previous capacity. For a complete reset it will be necessary to wait until the beginning of the new year.

The costs related to the interventions will have an impact on EBIT; the lack of production will have an effect on turnover, on EBIT (due to the lower absorption of fixed costs) and in particular on the generation of cash in the fourth quarter, due to the shortfall of cash revenue while costs are substantially unchanged.

Where possible, the inefficiencies and costs related to the flood will be part of adjustments to EBIT.

The Group believes it has adequate insurance coverage, which was immediately activated but whose effects, especially on cash flow, will not be quantifiable or visible before 2023.

RESIGNATION OF A BOARD MEMBER

The Board has received and acknowledged the resignation of board member Sabrina Baggioni, who is taking on the role of Chief Digital and Marketing Officer for the Group.

Ms. Baggioni was a member of the Compensation and Talent Development Committee and the Audit Committee, and she does not hold any Ariston Holding N.V. shares as of today.

The Compensation and Talent Development Committee will make a proposal for a review of the composition of the Board and Committees, that will be submitted to the next Board meeting

scheduled for December 16.

The Board thanked Ms. Baggioni for her service and is confident she will keep adding value to Ariston Group in her new role.

* * * * *

This additional periodic financial information is disclosed by Ariston on a voluntary basis and is not subject to auditing.

The Board of Directors is responsible for preparing additional periodic information as of September 30, 2022, in accordance with the Dutch Financial Supervision Act and applicable international financial standards (IFRS).

The 9M 2022 Analyst Presentation, which includes management's outlook on the remaining part of the year, will be made available at the authorized repository www.1info.it and on the website www.aristongroup.com in the "Investors & Governance" section.

A conference call dedicated to financial analysts and investment professionals will be held today at 15:00 CET.

CONTACTS

www.aristongroup.com

+39 02 9288 6200

Media Relations Brunswick Alessandro Iozzia, Andrea Mormandi ariston@brunswickgroup.com

Corporate Communication

Federica Bruschetta corporate.communication@ariston.com +39 02 8567 2267

Investor Relations

Luca Mirabelli investor.relations@ariston.com +39 02 8567 2317

About Ariston Group

Ariston Group is a global leader in sustainable solutions for hot water and space heating, components and burners. In 2021 the Group reported almost 2 billion euro revenues. Ariston Group has about 8,000 employees, representative offices in 43 countries, 25 production sites and 26 research and development centers in 5 continents. Ariston Group is listed on Euronext Milan since November 2021. Ariston Group demonstrates its commitment to sustainability through the development of renewable and high efficiency solutions, such as heat pumps, water heating heat pump, hybrid solutions and solar thermal systems. The Group also stands out for its continuous investment in technological innovation, digitalization and advanced connectivity systems. The Group offers a full range of products, solutions and services mainly under the global brands Ariston and ELCO, and operates under iconic local brands such as Calorex, NTI, HTP, Chaffoteaux, ATAG, Chromagen, Racold as well as Thermowatt and Ecoflam in the component and burner business.

Alternative Performance Measures (APMs)

This announcement contains certain financial performance measures that are not defined in IFRS standards (non-GAAP measures). These measures comply with the Guidelines on Alternative Performance Measures issued by the European Securities and Markets Authority ('ESMA') in its communication ESMA/2015/1415. For a full presentation and discussion of alternative performance measures, please refer to chapter 4.6 "Definition and reconciliation of the Alternative Performance Measures (APMs or non GAAP measures) to GAAP measures" in Ariston Group's half-year 2022 report.

Forward-looking statements

This announcement may contain certain forward-looking statements, estimates and forecasts reflecting management's current views with respect to certain future events. These forward-looking statements include, but are not limited to, all statements other than statements of historical facts, including, without limitation, those regarding the Group's future financial position and results of operations, strategy, plans, objectives, goals and targets and future developments in the markets where the Group operates or intends to operate. Forward-looking information is based on information available to the Group as of today and is based on certain key assumptions; as such, forward-looking statements speak only as of the date of this announcement. No assurance can be given that such future results will be achieved; actual events may materially differ as a result of risks and uncertainties faced by the Group, which could cause actual result to vary materially from the future results indicated, expressed or implied in such forward-looking statements. Due to such uncertainties and risks, readers are cautioned not to place undue reliance on such forward- looking statements as a prediction of actual results. Except as required by applicable laws and regulations, the Group expressly disclaims any obligation or undertaking to update or revise any forwardlooking statements contained herein to reflect any change in its expectations or any change in events, conditions or circumstances on which such statements are based; the Group expressly disclaims and does not assume any liability in connection with any inaccuracies in any of the forward-looking statements in this document, and in any related oral presentation, including responses to questions following the presentation, or in connection with any use by any third party. Further information on the Group and its activities, including those factors that may materially influence its financial results, are contained in the reports and documents of the Group deposited with the AFM and CONSOB.

Attachments

(PARTIAL) RECLASSIFIED 9M 2022 INCOME STATEMENT RECLASSIFIED 9M 2022 CASH FLOW STATEMENT

(€M) - unaudited	9M 2	2022	9M 2021
REVENUE AND INCOME
Net revenue	1,725.3	100.0%	1,412.3	100.0%
Other revenue and income	30.1	1.7%	24.1	1.7%
Revenue and income	1,755.5	101.7%	1,436.4	101.7%
Total operating expenses	1,630.1	94.5%	1,313.6	93.0%
OPERATING PROFIT	125.4	7.3%	122.8	8.7%
Adjustment on operating profit	14.1	0.8%	13.4	0.9%
OPERATING PROFIT, ADJUSTED	139.5	8.1%	136.2	9.6%
Financial income and expense	-8.6	-0.5%	-4.8	-0.3%
Profit (loss) on investments	5.2	0.3%	-3.3	-0.2%
PROFIT BEFORE TAX	122.0	7.1%	114.7	8.1%
Total depreciation & amortization	67.1	3.9%	56.2	4.0%
EBITDA	192.5	11.2%	179.0	12.7%
EBITA ADJUSTED	201.5	11.7%	190.6	13.5%

(€M)- unaudited	9M 2022	9M 2021
NET FINANCIAL POSITION AT THE BEGINNING OF THE PERIOD	184.8	-143.6
EBITDA	192.5	179.0
Taxes paid	-30.3	-27.0
Provisions and other changes from operating activities	-30.4	1.3
Change in net operating working capital	-173.5	-51.2
NET CASH FLOW FROM OPERATING ACTIVITIES	-41.8	102.1
Capital expenditure	-34.6	-38.8
IFRS16 leasing payments	-17.6	-16.2
Other changes	31.7	-4.1
FREE CASH FLOW	-62.3	43.0
Cash flow from financial investment activities	-75.7	-4.7
Cash flow from other activities	-46.0	-33.5
TOTAL CHANGE IN NET FINANCIAL POSITION	-183.9	4.8
NET FINANCIAL POSITION AT THE END OF THE PERIOD	0.9	-138.8