Ariston Holding N.V.

Investor Presentation • Mar 5, 2025

FOURTH QUARTER AND FULL YEAR 2024 RESULTS

5 TH MARCH 2025

Highlights

Financials

Management Actions and Outlook

Appendix: Company Profile

Appendix: Deep Dive into 2024 Financials

1. Like-for-Like = Ariston Thermo Rus LLC deconsolidated from both end-April in 2024 and 2023 (unaudited) figures.

FY 2024 KEY ACHIEVEMENTS

1	2	3	4	5
CHAMPION OF THERMAL COMFORT ACROSS ALL STAGES ENERGY TRANSITION OF THE	UNIQUELY BALANCED ACROSS CLIMATE COMFORT AND WATER HEATING	GLOBAL FOOTPRINT 40 OF COUNTRIES, INTEGRATED BACK-END AND AGILE	PROFITABLE GROWTH COMBINING ORGANIC EXPANSION WITH PROVEN M&A TRACK RECORD	SOLID FINANCIAL PERFORMANCE, LEAN BALANCE SHEET
•Renewables headwind mitigated by all other technologies • ESG: "Road to 100"1	•Reduced impact of 2024 market volatility thanks to diversified product portfolio	• Effectively managed capacity amid a lower demand environment	•Wolf synergies by leveraging Heat Pump propane technology on Elco brand	• Efficiency program delivered ~80 €M OpEx + CapEx reduction
energy transition targets certified by SBTi2 , with improvements across all ESG ratings: ✓ Silver Medal3 EcoVadis ✓ S&P CSA score above industry average4 ✓ BBB-rated from MSCI5	•Innovation, technology, and investments encompassed our entire portfolio	•New production facility in Serbia – project kick-off	•Acquisition of production site in Egypt	• Exceptional working capital management drove strong FCF generation, keeping leverage at a secure level

https://www.aristongroup.com/en/sustainability/our-road-to-100 1. "Road to 100": 2030 Ariston Group ESG Plan (https://www.aristongroup.com/en/sustainability/our-road-to-100).

1. Science Based Targetsinitiative.

2. S&P Global Corporate Sustainability Assessment (CSA) includes 62 industry-specific questionaries.

5.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 industry-specific ESG risks and the ability to manage those risks relative to peers.

^3. The EcoVadis assessment evaluates a company on 21 sustainability criteria in four core areas: Environment, Labor & Human Rights, Ethics and Sustainable Procurement.

Highlights

Financials

Management Actions and Outlook

Appendix: Company Profile

Appendix: Deep Dive into 2024 Financials

BALANCED EXPOSURE TO BOTH CLIMATE COMFORT AND WATER HEATING MARKETS

FY 2024

Germany¹ example: Heating generators markets (volume)²

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

1. Source: BDH and Company estimate.

3.New governmental portal to process the incentive requests active since February 2024; incentives paid from October 2024 onwards. 4. Source: BEG website (German Government, Federal Ministry for Economics and Climate Protection). Figures include air-to-air.

Comments

• •Historically (2013-22): +4% volume growth, replacement market, shift to higher efficiency solutions
• 2023: exceptional peak driven by Heat Pumps incentives and 2022 orders backlog; fears of gas boiler ban in 2024 (not materialized); anticipation of 2024 demand
• 2024: after 2023 peak, demand normalization, coupled with destocking and regulatory uncertainties³
• Incentives' approvals: number of approvals for heat humps incentives growing sequentially (151k in FY 2024)

2024: Number of heating heat pumps incentive approvals⁴

IMPROVED TREND IN Q4, ALSO THANKS TO INVENTORIES CLEANED UP

NET REVENUES¹ , €M

Q4 comments

• Heating weak markets, mainly in Heat Pumps in Europe; inventories cleaned up; stable pricing dynamics
• Water heating stable, with growing electric products
• Services and parts continued upward trend

EUROPEAN MARKETS STILL NEGATIVE, MAINLY IN HEATING

NET REVENUES¹ , €M

Share of net revenues,

%, FY 2024

Q4 comments:

Q4 Weak demand mainly in Germany, France and Italy; negative heating as expected, especially Heat Pumps Growing markets: Eastern Europe, UK, Austria, Belgium Solid Service growth

Positive performance in Q4 Double digit growth in some key markets Difficult external contextstill impacting China FX headwind

Resilient North America water heating

Q4 ADJ. EBIT ENHANCED BY EFFICIENCY INITIATIVES

€M, % OF NET REVENUES

Adj. EBIT¹

Q4 comments

• Margin improved 240bps versus Q3, also thanks to efficiency initiatives
• Weak markets still leading to negative operating leverage, enhanced by destocking, country mix and labour inflation
• Result as per historical H1-H2 seasonality
• Main adjustment on EBIT reported: PPA impact 9 €M

Adj. EBIT historical distribution

0.0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1.0

OUTSTANDING FCF GENERATION

€M

Free Cash Flow¹

Q4 comments

• Main levers for FCF improvement:
  • Inventories reduction

0

20

40

60

80

100

120

140

160

• CapEx optimization, as part of our efficiency initiatives
• NWC well managed despite volume decreased
• 116 €M Capex in FY 2024, mainly on development investments

Net Working Capital, % of rolling net revenues

STABLE NET DEBT THANKS TO STRONG FCF GENERATION

€M

Leverage¹ 1.4x 2.1x

1. Adj. net debt/(Cash) / Adj. EBITDA: Ariston Thermo Rus LLC has been deconsolidated in adj. EBITDA from end-April 2024.

2. Includes Egypt plant acquisition and -2.8 €M NFP from Ariston Thermo Rus LLC as of end-April (Ariston Thermo Rus LLC had a net cash position).

3. Buyback program to support Long-Term Incentive plans (3M shares) completed on Sept 30th .

SOLID NET FINANCIAL POSITION

€M

Q4 comments

• Non-current bank debt duration at c.4 years:
  • ‒ c.90% of maturities in 2027-2031

4

• Low sensitivity to inflation: ~65% of long-term debt at fixed-rate or hedged
• Additional 0.9 €BN committed unused credit lines to fuel organic & inorganic growth

4

Group Net Profit	3 €M
Group Net Profit adjusted	89 €M
Payout ratio (on adjusted Net Profit)	33%
Distribution proposal	29 €M
Per Share	8 € cents
Payment date	June 25, 2025
Ex-date	June 23, 2025

Highlights

Financials

Management Actions and Outlook

Appendix: Company Profile

Appendix: Deep Dive into 2024 Financials

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 • Synergies leveraging global footprint Executed		Organization	Future proof operating model, developing COEs1 , optimizing legal entities setup
			G&A	Reduce internal demand and simplify processes, upgrade systems & tools and enhance capabilities
		Key areas & actions	Sales & Service	Increase frontline productivity leveraging data analytics and efficient back-office functions
			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

MARKET TRENDS: EXPECTED GRADUAL IMPROVEMENT

	Geografical exposure % FY 2024 net revenues	Product exposure	2025	Mid-term
Europe1		Climate comfort: relative majority	• Heating: gradually improving, with pricing dynamics in line with recent past • Water Heating: stable • Services & Parts: steady growth	• Market back to historical growth rates • Product mix opportunities to drive accelerated growth, fueled by the energy transition (EPBD2 )
APAC & MEA		Water Heating: absolute majority	• Growing, in most countries	• Higher penetration thanks to increase in population, urbanisation and higher GDP growth
Americas		Water Heating: absolute majority	• Positive sentiment on market demand • Market uncertainty because of US tariffs introduction from/to Canada and Mexico	• Demand continuing its growth trend • Possible acceleration from transition to renewable and high efficiency solutions

2025: reversing the trend, drive internal efficiencies

2025 guidance

Top line

• FY: organic revenues between 0% and +3% YoY like-for-like¹

Profitability

• Adj. EBIT margin improvement to 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 factor in the impact of recent tariff developments or any potential future adjustments

Mid-term guidance

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

Plus M&A

Highlights

Financials

Management Actions and Outlook

Appendix: Company Profile

Appendix: Deep Dive into 2024 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.

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

.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

	2023	2024
	Medal1 Bronze Score: 57/100	Silver Medal1 Score: 68/100
Ratings improvement	Global CSA Score2 27/100 Household Durable CSA Score avg.: 19/100	Global CSA Score2 39/100 Building Products CSA Score avg.: 30/100
	3 B (Household Durable sector)	BBB3 (Building Products sector)
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.

PRODUCTS AND SOLUTIONS LAUNCHED IN 2024

NET PRO FOR PROFESSIONALS: NEW FUNCTIONS POWERED BY ARTIFICIAL INTELLIGENCE

• Remote assistance platform enriched with new predictive maintenance functionalities for HHP to extend products lifetime, improve customers' comfort and optimize service schedule

• Enlarging the scope of predictive maintenance to detect efficiency opportunities, delivering value both to installers and end-users

Climate comfort Water Heating

SHAREHOLDERS AND VOTING RIGHTS

AS OF 31 DECEMBER 2024¹

29 * Including 517,053 ordinary shares held directly by Mr. Paolo Merloni. 1. Between June and September 2024 Merloni Holding acquired c.1.6m of ordinary listed shares.

Highlights

Financials

Management Actions and Outlook

Appendix: Company Profile

Appendix: Deep Dive into 2024 Financials

NET REVENUES BY DIVISION

Q4 comments:

Weak demand, mainly in Europe, with easier comparison

Growing Asia Pacific & MEA

Resilient North America water heating offset by FX headwind

Weak market demand in some key countries Continued weak demand on water heating and especially back-up heaters for heating heat pumps

Ongoing recovery of professional and industrial segments

31 1. Ariston Thermo Rus LLC deconsolidated from end-April in 2024 and 2023 (unaudited) figures.

HISTORICAL QUARTERLY GROWTH BY REGION

NET REVENUES, YOY

	2021		2022			20232				20241
	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY	Q1	Q2	Q3	Q4	FY
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%
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%
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%
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%
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%

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

2. Organic pro-forma growth (including Wolf-Brink also in 2022)

Q4 RECLASSIFIED INCOME STATEMENT

€M

	Q4 2024	Q4 2023	% change
Net revenue	726.7	783.6	(7.3%)
EBITDA	71.1	107.2	(33.6%)
% margin	9.8%	13.7%
Adjusted EBITDA	94.8	113.7	(16.6%)
% margin	13.0%	14.5%
EBIT	33.7	60.1	(44.0%)
% margin	4.6%	7.7%
Adjusted EBIT	63.4	85.7	(26.0%)
% margin	8.7%	10.9%

4

FY INCOME STATEMENT

€M

Income statement	FY 20241	FY 2023	% change
Net revenue	2,632.7	3,091.8	-14.8%
EBITDA	203.0	417.1	-51.3%
% margin	7.7%	13.5%
Adjusted EBITDA	276.3	422.2	-34.6%
% margin	10.5%	13.7%
EBIT	63.3	285.7	-77.8%
% margin	2.4%	9.2%
Adjusted EBIT	160.2	314.2	-49.0%
% margin	6.1%	10.2%
Net financial charges	(45.0)	(30.8)
Income/(losses) from associates	(4.6)	(1.3)
Profit before tax	13.8	253.6
Taxes	(11.4)	(62.4)
Reported net profit	2.5	191.2	n.m.
Adjusted net profit	89.0	211.8	-58.0%

Comments

• Reported figures: Ariston Thermo Rus LLC deconsolidated from end-April in 2024; still in the perimeter in FY 2023
• Weak demand, operating leverage, country mix, labour inflation
• Efficiency initiatives delivered
• Back to historical seasonality with profitability generation concentrated in 2H

• Main adjustments on EBIT:

  • ‒ Ariston Thermo Rus LLC impairment: 38 €M²
  • ‒ PPA impact: 29 €M
  • ‒ Strategic multi-year reorganization program: 27 €M

• Ariston Thermo Rus LLC has been deconsolidated from end-April in 2024 figures.

35 2. The impact of the deconsolidation of Ariston Thermo Rus LLC amounts to 38 €M as impairment (reduced from 41 €M in 9M 2024 results due to bad debt provision release) included in the EBIT reported and to 7 €M as Cumulative Translation Adjustment (CTA) included in the net financial charges.

4

RECLASSIFIED FY CASH FLOW STATEMENT

€M

	FY 20241	FY 2023	Change
EBITDA	203.0	417.1	(214.1)
Tax paid	(51.2)	(74.0)	22.8
Provisions and other changes from operating activities	55.6	24.2	31.4
Change in working capital2	99.2	(63.8)	163.0
Operating Cash Flow	306.5	303.5	3.0
CapEx	(115.8)	(158.7)	42.9
IFRS16 lease payments	(36.3)	(32.7)	(3.6)
Other changes3	(2.3)	(0.6)	(1.7)
Free Cash Flow	152.2	111.6	40.7

Comments

• Strong NWC reduction cleaned up inventories level, despite sales volume decreased
• Positive NWC performance (cash generation vs. absorption in 2023) partly offset EBITDA decline (-214 €M, of which 38 €M from Ariston Thermo Rus LLC impairment)
• Main levers for FCF improvement:
  • Inventories reduction
  • CapEx optimization

36 1.Ariston Thermo Rus LLC has been deconsolidated from end-April in 2024 figures.

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

NET FINANCIAL INDEBTEDNESS

€M

	31/12/20241	31/12/2023
Liquidity	357.1	461.3
minus: Current financial indebtedness	(148.2)	(122.5)
minus: Non-current financial indebtedness	(811.6)	(949.8)
Financial Indebtedness1 Net (ESMA guidelines)	(602.7)	(610.9)
Adjustments: Put & call options, escrow accounts and positive MtM	23.6	35.9
Adjusted Net Financial Indebtedness2 (previous calculation method)	(579.1)	(575.0)

4

Comments

• Capital allocation

• ‒ Optimised debt position
• ‒ 63 €M dividends
• ‒ 12 €M buyback
• Non-current bank debt duration at 4 years:
  • ‒ c.90% of maturities in 2027-2031
• Low sensitivity to inflation: ~65% of longterm debt at fixed-rate or hedged
• Additional 0.9 €BN committed unused credit lines to fuel organic & inorganic growth

³⁷ 1. Ariston Thermo Rus LLC has been deconsolidated from end-April in 2024 figures (unaudited). 2. Positive figures represent net cash.

DISCLAIMER

The complete 2024 Annual Report, including the CSRD report, will be submitted for approval to the Board at the meeting to be held on April 9th 2025. The auditor's report is planned for issuance April 9th 2025 upon completion of the audit procedures (CSRD report included).

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 Claudia Introvigne, Martino Bartolucci +39 02 8567 2317 investor.relations@ariston.com

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