March 2 nd , 2022

Ariston posts record results for the IPO year with €1,987M revenues, 10.2% EBIT adjusted margin, and €136M net profit

FY 2021 RESULTS HIGHLIGHTS¹

Net revenue at 1,987 million euro, increasing 19.4% compared to 2020
EBIT adjusted amounted to 203 million euro, increasing +24.2% versus 2020
Net profit of 136 million euro, increasing 41.0% compared to 2020
Free cash flow at 88 million euro, decreasing 53.8% compared to 2020
Positive net financial position² at 149 million euro net cash at year-end following the IPO capital increase, a strong improvement versus a 176 million euro net debt at December 31st , 2020
Proposed dividend of 14 eurocent per share, equivalent to a 34% pay-out on consolidated net profit

The Board of Directors of Ariston Holding N.V. (MTA/EXM; Bloomberg ticker: ARIS IM) met today and approved the draft annual report for the full year ending on December 31st, 2021.

"We are very proud of the excellent results Ariston achieved in 2021. The strong growth demonstrates the relevance of our vision, designed more than 15 years ago - "Sustainable comfort for Everyone" – which today, in the context of the accelerating sustainability transition in the hot water and heating industry – is more relevant than ever", commented Paolo Merloni, Executive Chairman of Ariston Group, adding that "We see 2021 as a milestone: with the IPO we started the next phase of our ambitious journey".

"The period was characterized by supply chain disruptions and inflationary trends, which put industrial and commercial operations under pressure" – added Laurent Jacquemin, CEO of Ariston Group – "In this context, which is not expected to improve anytime soon, Ariston's team delivered an outstanding performance across geographies and business lines. We leveraged on our global and flexible footprint, and on our expertise and capability to adapt in operations, supply chain and logistics to ensure continuity over the year, while remaining always very close to our markets and customers".

¹ Unaudited

² Calculated according to ESMA 32-382-1138 guidelines. For a reconciliation with the NFP presented in the IPO prospectus, see below.

FY2021 CONSOLIDATED RESULTS³

Net revenue amounted to 1,987.3 million euro, a growth of 19.4% compared to the 1,664.0 million euro registered in 2020. A strong performance was registered across all divisions and geographic areas, supported by robust global demand in both heating and hot water.

€M	FY 2021	FY 2020	Change
Thermal Comfort	1,807.0	1,511.4	+19.6%
Burners	94.6	83.9	+12.7%
Components	85.8	68.7	+24.9%
Total	1,987.3	1,664.0	+19.4%

€M	FY 2021	FY 2020	Change
Europe	1,322.6	1,119.9	+18.1%
Americas	279.5	223.7	+24.9%
Asia/Pacific & MEA	385.3	320.3	+20.3%
Total	1,987.3	1,664.0	+19.4%

Currency exchange had a modest negative effect (-0.4%) and there was no extension of the consolidation perimeter during the year.

EBITDA registered at 246.9 million euro, a growth of 8.9% with respect to the 226.8 million euro registered in the previous year, while EBIT amounted to 171.2 million euro, up 14.8% compared to the 149.1 million euro of 2020.

These margins are also presented in an adjusted form which is more suitable to appreciate the trend of normal business operations, with the exclusion of costs or revenues not representative of them; the most significant adjustments are related to right-sizing and reorganization costs, and – for 2021 – the expense for the IPO.

EBITDA adjusted amounted to 276.8 million euro, with a growth of 15.8% with respect to the 239.1 million euro registered in 2020, with a decrease in margin on net revenue from 14.4% to 13.9%.

EBIT adjusted amounted to 203.4 million euro, up 24.2% compared to the 163.8 million euro of 2020. The corresponding margin on net revenue went up from 9.8% to 10.2% – notwithstanding severe inflationary trends and a step-up in fixed costs aimed at sustaining future growth – thanks to significant operating leverage and early impact of pricing initiatives.

³ Unaudited

Net profit for the year reached 136.3 million euro, 41.0% higher than the 96.7 million euro of 2020 despite the extra costs associated with the IPO process. The corresponding consolidated tax rate is 17.6%.

During the year, the Group performed a revaluation of certain tangible and intangible assets as per Article 110 of Italian Law Decree 104/2020 and subsequent amendments. The only impact of this revaluation on consolidated IFRS accounts has a fiscal nature, with a long-term reduction of consolidated tax rate worth a few percentage points, and a 9 million euro one-off benefit in 2021.

Free cash flow in the year amounted to 88.3 million euro, compared to 191.3 million euro for 2020. The decrease was driven by a surge in purchases in Q4 in order to support supply chain continuity in 2022, costs related to the IPO, and a swing in CapEx from 2020 to 2021 due to Covid-19.

The current definition of free cash flow includes the neutralization of IFRS16 effects, and excludes interests & FX paid which – also in consideration of the new balance sheet structure following the IPO capital increase – have been reclassified as a financial item.

Net financial indebtedness(calculated according to ESMA 32-382-1138 guidelines) flipped from a 175.7 million euro net debt, to 149.0 million euro net cash, thanks to the free cash flow and the IPO capital increase.

For comparison purposes, applying the calculation method used before the adoption of ESMA guidelines, Net financial position went from 143.6 euro million net debt to 184.8 euro million net cash. The main difference is ESMA's inclusion – among liabilities – of put and call options related to acquisitions.

DIVIDEND PROPOSAL

The Board will propose to the general meeting a dividend of 14 eurocent per share. The dividend, if approved by the general meeting, will be paid on May 25th, 2022, with May 24th , 2022 as the record date, and May 23rd , 2022 as the ex-dividend date.

For fiscal purposes where relevant, the dividend will be drawn from 2021 net profit.

SIGNIFICANT EVENTS AFTER THE END OF THE PERIOD

As announced to the market on January 5th , 2022, Ariston finalized the previously announced acquisition of Chromagen, a leading renewable player in the Israeli hot water market, with a strong position in the builders' channel in Australia.

Chromagen's yearly revenue represents an additional mid-single-digit contribution to the Group's top line organic growth.

* * * * *

DRAFT ANNUAL REPORT AND ANALYST PRESENTATION

From January 1st, 2021, issuers whose securities are admitted to trading in the EU must file and publish their annual reports digitally in accordance with the European Single Electronic Format (ESEF). The annual report has been finalized and the preparation of the ESEF format is in progress. Since the ESEF format is a requirement for the statutory audit, the auditor has not yet been able to finalize the audit and to issue an audit opinion. Therefore the numbers included in

this press release should be regarded as unaudited. Ariston does not expect the audited results to materially differ from the results expressed in this press release.

The draft annual report is available at the authorized repository www.1info.it and on the corporate website www.aristongroup.com in the "Investor Relations" section. The final annual report will be published as soon as it is available.

The FY2021 Analyst Presentation will be made available at the authorized repository www.1info.it and on www.aristongroup.com in the "Investor Relations" section.

The Board of Directors is responsible for preparing the annual report, inclusive of the management report, the full year consolidated financial statements and the Company-only financial statements at December 31st , 2021, in accordance with the Dutch Financial Supervision Act and the applicable International Financial Reporting Standards (IFRS).

CONTACTS

www.aristongroup.com

Media Relations Brunswick Alessandro Iozzia – Andrea Mormandi [email protected] +39 02 9288 6200

Investor Relations Luca Mirabelli [email protected] +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 document 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 4.11 "Definition and reconciliation of the Alternative Performance Measures (APMs or non GAAP measures) to GAAP measures" in the annual 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 forwardlooking 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 forward-looking 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:

STATEMENT OF FINANCIAL POSITION AS AT 31/12/2021 FY 2021 INCOME STATEMENT FY 2021 CASH FLOW STATEMENT

(in euro million)	2021	2020
Assets
NON-CURRENT ASSETS
Intangible assets
Goodwill	294.8	285.7
Other intangible assets	113.0	105.7
Total intangible assets	407.8	391.4
Property. plant and equipment
Land and buildings	161.9	147.1
of which: RoU	40.5	34.7
Plant and machinery	104.5	106.8
of which: RoU	1.3	1.5
Other property. plant and equipment	106.0	87.4
of which: RoU	18.2	17.3
Total property. plant and equipment	372.4	341.3
Investments in associates & Joint ventures	2.4	0.0
Deferred tax assets	102.4	58.3
Financial assets	5.2	3.9
Non-current financial assets	0.0	5.1
Other non-current assets	6.4	8.0
Non-current tax receivables	1.2	1.1
Total non-current assets	897.8	809.2
CURRENT ASSETS
Inventories	382.0	265.5
Trade receivables	248.3	235.8
Tax receivables	29.8	12.6
Current financial assets	10.8	10.0
Other current assets	56.4	36.5
Cash and cash equivalents	689.7	452.5
Total current assets	1,417.0	1,012.8
ASSETS HELD FOR SALE	2.3	0.3
TOTAL ASSETS	2,317.0	1,822.4

(in euro million)	2021	2020
LIABILITIES AND EQUITY
NET EQUITY
Share capital	46.0	41.8
Share premium reserve	293.7	24.0
Retained earnings and other reserves	402.0	284.0
Net profit attributable to the Group	136.5	96.7
Net equity attributable to the Group	878.3	446.5
Non-controlling interests and reserves	0.0	0
Net profit attributable to non-controlling interests	-0.2	0
Net equity attributable to non-controlling interests	-0.2	0
Net equity	878.1	446.5
NON-CURRENT LIABILITIES
Deferred tax liabilities	50.8	32.2
Non current provisions	56.9	51.8
Post employment benefits	51.7	58.3
Non current financing	446.4	389.9
Other non current liabilities	4.9	40.0
Non current tax liabilities	7.8	0.0
Total non current liabilities	618.5	572.1
CURRENT LIABILITIES
Trade payables	477.2	364.1
Tax payables	45.1	21.6
Current provisions	33.5	31.3
Current financial liabilities	46.1	34.1
Current loans	23.1	187.2
Other current liabilities	195.4	165.4
Total current liabilities	820.4	803.8
LIABILITIES HELD FOR SALE	0	0
TOTAL LIABILITIES AND NET EQUITY	2,317.0	1,822.4

(unaudited)
(in euro million)	2021		2020
REVENUE AND INCOME
Net revenue	1,987.3	100.0%	1,664.0	100.0%
Other revenue and income	34.1	1.7%	27.9	1.7%
Revenue and Income	2,021.5	101.7%	1,691.8	101.7%
OPERATING EXPENSES
Change in inventories	-107.5	-5.4%	-4.1	-0.2%
Raw materials. consumables and goods for resale	988.0	49.7%	705.9	42.4%
Services	433.1	21.8%	329.0	19.8%
Personnel	412.3	20.7%	387.1	23.3%
Amortization	75.8	3.8%	77.7	4.7%
Provisions	19.7	1.0%	19.1	1.1%
Write-downs	1.7	0.1%	0.2	0.0%
Other operating expenses	27.3	1.4%	27.9	1.7%
Operating expenses	1,850.3	93.1%	1,542.8	92.7%

OPERATING PROFIT	171.2	8.6%	149.1	9.0%
FINANCIAL INCOME AND EXPENSE
Financial Income	4.5	0.2%	2.2	0.1%
Financial Expense	-12.4	-0.6%	-14.6	-0.9%
Exchange rate gains/losses	4.1	0.2%	-3.5	-0.2%
Financial Income and Expense	-3.9	-0.2%	-15.8	-1.0%

PROFIT (LOSS) ON INVESTMENTS
Other profit (loss) on investments	-1.9	-0.1%	-1.3	-0.1%
Profit (loss) on investments	-1.9	-0.1%	-1.3	-0.1%
PROFIT BEFORE TAX	165.4	8.3%	131.9	7.9%
PROFIT BEFORE TAX	103.4	0.570	131.3	7.570
TAXES	29.1	1.5%	35.2	2.1%
		17.6%		26.7%
PROFIT (LOSS) FROM CONTINUING OPERATIONS	136.3	6.9%	96.7	5.8%
NET PROFIT	136.3	6.9%	96.7	5.8%
Net profit attributable to non-controlling Interests	-0.2	0.0%		0.0%
Net profit attributable to the Group	136.5	6.9%	96.7	5.8%
	.30.3

(unaudited) (in euro million)	2021	2020
CHANGES IN CASH AND CASH EQUIVALENTS	2021	2020
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD Effect of changes in exchange rates Changes in short-term financial position CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD	430.7 16.9 207.8 655.5	295.8 -15.4 150.3 430.7
STATEMENT OF CASH FLOWS
CASH FLOW FROM OPERATING ACTIVITIES
> NET PROFIT Adjustments for:	136.3	96.7
Taxes Income and expense from financing and investment activities OPERATING PROFIT Amortization of which: Amortization for right-of-use fixed assets Provisions Other adjustments	29.1 5.8 171.2 75.8 21.3 19.7 1.7	35.2 17.2 149.1 77.7 23.7 19.3 -0.2
= GROSS OPERATING CASH FLOW	268.3	245.8
Change in trade receivables Change in inventories Change in trade payables Change in other short-term assets/liabilities Change in provisions Tax paid NET OPERATING CASH FLOW	-17.5 -108.1 112.3 -11.5 -13.5 -39.5 190.7	1.3 -3.3 38.3 8.0 -3.7 -33.0 253.5
CASH FLOW FROM INVESTMENT ACTIVITIES Investments in intangible assets Investments in property, plant and equipment Investments in financial assets Change in the scope of consolidation Value of tangible and intangible assets sold	-19.1 -59.0 -8.1 0.0 1.4	-13.8 -30.7 -26.9 0.2 3.3
= CASH FLOW FROM INVESTMENT ACTIVITIES	-84.7	-67.9
CASH FLOW FROM FINANCING ACTIVITIES
Financial income/expense collected/paid of which: Financial expense pursuant to IFRS16 Income/expense on exchange rate realized Increase/decrease in short-term financial payables New loans Loans repayment Dividends Capital and reserves increase/distribution Proceeds from issue of ordinary shares Buyback/sale of treasury shares CASH FLOW FROM FINANCING ACTIVITIES E CASH FLOW FROM CONTINUING OPERATIONS	-1.7 -1.4 -10.2 -2.5 205.2 -334.7 -48.3 0.0 294.0 0.0 101.9	-6.8 -1.5 0.0 -6.8 170.5 -63.4 -128.6 0 0 -35.2
= CASH FLOW FROM DISCONTINUED OPERATIONS	0	0
= TOTAL CASH FLOW	207.8	150.3

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