Brembo

Interim Report • Jul 29, 2025

Brembo Six Monthly Financial Report 2025

INTRODUCTION

This Six Monthly Financial Report (the "Report") includes the Directors' Report on Operations, the Condensed Consolidated Six Monthly Financial Report and the Board of Directors' Statement required by Section 5:25d, paragraph 2, of the Dutch Financial Supervision Act.

The Condensed Consolidated Six Monthly Financial Report has been drawn up according to the applicable International Accounting Standards (IAS/IFRS) issued by the International Accounting Standards Board (IASB) and endorsed by the European Union, and in accordance with the contents prescribed by IAS 34 - Interim Financial Reporting.

The notes to the Condensed Consolidated Six Monthly Financial Report are therefore not comparable with those of the full financial statements drawn up in accordance with IAS 1 and should therefore be read together with those contained in the Consolidated Annual Report for the year ended 31 December 2024. The accounting standards and measurement and valuation criteria used in drawing up this Report are consistent with those applied in drawing up the Consolidated Annual Report as at 31 December 2024. There were no significant events or transactions during the reporting period that would have resulted in adopting accounting criteria or policies different from those used as at 31 December 2024. The structure and content of the reclassified consolidated financial statements illustrated in the Directors' Report on Operations are the same as those contained in the

Annual Financial Report. The Alternative Performance Measures (APMs) contained in these financial statements are summarised in section Definition of the Alternative Performance Measures in the Directors' Report on Operations.
Unless otherwise indicated, all figures in this Report are expressed in thousands of euros, whereas the original
figures have been recorded and consolidated in euros.
Similarly, all percentages relating to changes between
two periods or to percentages of net revenue or other
indicators are always calculated using the original data
in euro. The use of amounts expressed in millions of euro may therefore result in apparent discrepancies in both
absolute amounts and data expressed as a percentage.

The language of this Report is English. Certain legislative references and technical terms have been cited in their original language in order to give them their correct technical meaning under the applicable law.

The Condensed Consolidated Six Monthly Financial Report contained in this Report has undergone a limited review by Deloitte Accountants B.V.

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Index 1. Corporate Highlights

INDEX

	Introduction	1
	1. Corporate Highlights	3
1.1	Corporate Bodies	4
1.2	Key Financial Highlights	5
	2. Directors' Report on Operations	7
2.1	Significant Events during the Six-month Period	8
2.2	Risk Management	9
2.3	Group Financial Review	15
	2.3.1 Group Activities and Reference Market	15
	2.3.2 Brembo's Consolidated Results	17
	2.3.3 Definition of the Alternative Performance Measures	19
	2.3.4 Outlook	20
2.4	Significant Events after 30 June 2025	20
	3. Consolidated Financial Statements	21
3.1	Consolidated Financial Statements at 30 June 2025	22
	3.2 Explanatory Notes to the Consolidated Financial Statements at 30 June 2025	26
3.3	Statement of Compliance by the Board of Directors	47
3.4	Independent Auditors' Reports	48

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	1. Corporate	2. Directors'	3. Consolidated
Index	Highlights	Report	Financial Statements

CORPORATE HIGHLIGHTS

1.

• 1.1 Corporate Bodies 4
• 1.2 Key Financial Highlights 5

1.1 CORPORATE BODIES (1)

Chairman Emeritus (2) Alberto Bombassei Board of Directors (3) Executive Chairman Matteo Tiraboschi (8) Chief Executive Officer Daniele Schillaci (8) Directors Cristina Bombassei (5) (8) Giancarlo Dallera (4) Elisabetta Magistretti (4) Umberto Nicodano (7) Elizabeth M. Robinson (4) Gianfelice Rocca (4) Michela Schizzi (4) (6)

Independent Auditors Deloitte Accountants B.V. (10)

	Committees
	Audit, Risk and Sustainability Committee (11)	Elisabetta Magistretti (Chairwoman) Michela Schizzi Manuela Soffientini
	Remuneration and Appointment Committee	Giancarlo Dallera (Chairman) Elizabeth M. Robinson Manuela Soffientini
Giancarlo Dallera (4) Elisabetta Magistretti (4) Umberto Nicodano (7) Elizabeth M. Robinson (4) Gianfelice Rocca (4) Michela Schizzi (4) (6) Manuela Soffientini (4) (9) Roberto Vavassori (8)	Supervisory Committee	Giovanni Canavotto (Chairman) (12) Elisabetta Magistretti Matteo Tradii (13)

• (1) Upon the entering into effect of the cross-border conversion, Brembo adopted a one-tier board management and control system pursuant to the Dutch Civil Code that does not provide for a Board of Statutory Auditors or any control body separate from the Board of Directors. Accordingly, the term of Brembo's Board of Statutory Auditors ended on the effective date of the transaction (24 April 2024). The control function is therefore carried out by the Non-executive Directors, who, in compliance with the Dutch Corporate Governance Code, make up the majority of the members of the Board of Directors. The Dutch law does not provide for the position of the Manager in Charge of the Company's Financial Reports. Therefore, on that same date, Brembo's Manager in Charge of the Company's Financial Reports ceased his position, without prejudice to the Company's capability to ensure an adequate internal control and risk management system, suitable administrative and accounting procedures for preparing the Consolidated and Separate Financial Statements and any other financial disclosure.
• (2) Appointed for an indefinite period.
• (3) In office until the Annual General Meeting called to approve the Financial Statements for the year ending 31 December 2025.
• (4) Non-executive and Independent Directors.
• (5) The Director also holds the position of Executive Director in charge of the Internal Control and Risk Management System, as well as of Chief Legacy Officer.
• (6) Director elected from a minority list.
• (7) Non-Executive Director.
• (8) Executive Director.
• (9) This Director also holds the position of Lead Non-Executive Director.
• (10) As of the Transaction Effective Date of the Cross-Border Conversion (24 April 2024), the statutory audit of the accounts has been carried out by the auditing firm belonging to the Deloitte network based in Amsterdam (i.e., Deloitte Accountants B.V.), since in accordance with the Dutch law, the statutory audit of the accounts of the Company must be carried out by an auditing firm based in the Netherlands. In accordance with the resolution of Brembo's 2025 Annual General Meeting, Deloitte Accountants B.V. will act as the Company's external auditor until the Annual General Meeting called to approve the Financial Statements for the year ending 31 December 2025.
• (11) This Committee also acts as the Related Party Transactions Committee.
• (12) Independent Expert.
• (13) Chief Internal Audit Officer.

Index 1. Corporate Highlights 2. Directors' Report

1.2 KEY FINANCIAL HIGHLIGHTS

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Economic results

(euro thousand)	30.06.2021	30.06.2022	30.06.2023	30.06.2024		30.06.2025 % 2025/2024	(euro thousand)	30.06.2021	30.06.2022	30.06.2023	30.06.2024		30.06.2025 % 2025/2024
Revenue from contracts with customers	1,360,789	1,746,471	1,949,875	2,004,835	1,880,969	-6.2%	Employees at end of period (number)	11,402	12,797	13,533	14,268	14,833	4.0%
Gross operating income	270,215	305,338	344,037	351,420	300,893	-14.4%	Turnover per employee	119.3	136.5	144.1	140.5	126.8	-9.8%
% of revenue from contracts with customers	19.9%	17.5%	17.6%	17.5%	16.0%		Net investments (*)	92,213	112,758	154,292	167,749	185,916	10.8%
Net operating income	165,797	187,512	217,913	218,826	162,436	-25.8%	Increases in leased assets	7,690	8,794	10,931	18,760	13,926	-25.8%
% of revenue from contracts with customers	12.2%	10.7%	11.2%	10.9%	8.6%
Result before taxes	168,237	198,249	223,423	211,914	141,050	-33.4%
% of revenue from contracts with customers	12.4%	11.4%	11.5%	10.6%	7.5%
Net result for the period	126,938	148,928	167,773	156,293	97,851	-37.4%	Main ratios
% of revenue from contracts with customers	9.3%	8.5%	8.6%	7.8%	5.2%

Financial results

Employees and investments

								30.06.2021	30.06.2022	30.06.2023	30.06.2024	30.06.2025
							Net operating income/Revenue from contracts with customers	12.2%	10.7%	11.2%	10.9%	8.6%
Financial results							Result before taxes/Revenue from contracts with customers	12.4%	11.4%	11.5%	10.6%	7.5%
(euro thousand)	30.06.2021	30.06.2022	30.06.2023	30.06.2024		30.06.2025 % 2025/2024	Net investments (*)/Revenue from contracts with customers	6.8%	6.5%	7.9%	8.4%	9.9%
Net invested capital	2,120,187	2,454,268	2,606,373	2,864,072	3,158,184	10.3%	Net financial debt/Equity	31.0%	32.4%	27.9%	27.8%	42.5%
Equity	1,601,244	1,837,958	2,015,517	2,210,463	2,203,137	-0.3%	Adjusted net interest expense (**)/Revenue from contracts with customers	0.4%	0.3%	0.5%	0.7%	0.9%
Net financial debt	496,936	595,101	562,288	613,593	935,542	52.5%	Adjusted net interest expense (**)/Net operating income	3.2%	3.2%	4.6%	6.0%	10.4%
							ROI	14.5%	12.6%	15.9%	14.5%	10.7%
							ROE	15.3%	13.0%	15.5%	13.4%	9.5%

Notes:

ROI: Net operating income (rolling 12 months)/Net invested capital.

ROE: Net income (loss) before minority interests (rolling 12 months) (net of Result from discontinued operations)/Equity.

(*) Net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant and equipment and intangible assets.

(**) This item does not include exchange gains and losses.

	1. Corporate	2. Directors'
Index	Highlights	Report

DIRECTORS' REPORT ON OPERATIONS

7

Index

2. Directors' Report

2.1 Significant Events during the Six-month Period	8
2.2 Risk Management	9
2.3 Group Financial Review	15
2.4 Significant Events after 30 June 2025	20

Following the agreement signed on 11 October 2024, on 2 January 2025 Brembo completed the acquisition of a 100% stake in Öhlins Group, the leading manufacturer of premium, high-performance suspension technology for motorbikes and cars. The total consideration for the transaction was €366 million, paid using available liquidity. The transaction was accounted for using the acquisition method and the Condensed Consolidated Six Monthly Financial Report includes the result of Öhlins Group from 1 January 2025.

The Annual General Meeting (the "AGM") of the Parent Brembo N.V. held on 29 April 2025 approved the Financial Statements for the financial year ended 31 December 2024, allocating net income for the year amounting to €163,751,872.04 as follows:

• to the Shareholders, a gross ordinary dividend of €0.30 per ordinary share outstanding, excluding own shares;
• the remaining amount carried forward.

Upon the Board's proposal, the AGM appointed EY Accountants B.V. as external auditor to audit the annual accounts and to provide assurance on the sustainability statements for financial years from 2026 to 2030, included.

Furthermore, the AGM authorized the Board of Directors, for a period of 18 months as of the date of the AGM, to repurchase up to 10,000,000 ordinary shares for a total consideration not exceeding €180,000,000, to be drawn from unrestricted reserves. Strictly complying with all applicable rules and regulations, purchases will take place for a minimum price per share not lower than the closing price of the ordinary shares on the day preceding each repurchase transaction, reduced by 10%, and for a maximum price not higher than the closing price of the ordinary shares on the day preceding each repurchase transaction, increased by 10%.

2.1 SIGNIFICANT EVENTS DURING THE SIX-MONTH PERIOD

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1) RISK MANAGEMENT PROCESS

Risk management is key to protecting the Company's value in a historical period that continues to be marked by great volatility and uncertainty at global level. This is particularly relevant for the automotive sector, which is facing major transformations from different perspectives (technological, geographical, etc.) that create both risks and opportunities.

At Brembo, risk management is strongly embedded in the decision-making and business management processes and is considered instrumental to achieving the Company's long-term objectives. Within its Internal Control and Risk Management System, Brembo has established an Enterprise Risk Management framework that defines processes to be followed by corporate functions to identify, assess, manage and monitor company risks. This framework includes the maintenance of a Risk Register, which is updated at least once a year and encompasses the main risks, including the emerging ones, that the Group may face in the short and medium term, as well as the related mitigating actions ("as is" and "to be"). Risks are also monitored during regular management meetings where the results, opportunities and risks for all business functions and all geographies in which Brembo operates are analyzed and where necessary actions are also defined to mitigate new internal or external risks emerged during corporate activities.

Brembo has always pursued a careful approach to Risk Management.

After moving its legal domicile to the Netherlands in 2024, Brembo began developing its Risk Appetite Framework to comply with the Dutch Corporate Governance Code. The Risk Appetite Framework has been approved by the

RISK FINANCING

In order to minimize the volatility and financial impact of possible detrimental events, Brembo transfers the residual risks, when insurable, to the insurance market.

Board of Directors on 8 May 2025 as part of the Company's Internal Control and Risk Management System. It includes key concepts such as risk capacity, risk appetite, risk tolerance, and residual risk profile. organization and is also responsible for the compliance and management of Group insurance programmes at global level.

Brembo's changing needs through the years have been largely and specifically reflected in its customized insurance coverages, which have been optimized and upgraded to significantly decrease the Company's exposures. Thanks to international insurance programmes, all Brembo Group companies are currently covered against the following key risks: property all risks and business interruption, general liability, general product liability, product recall, marine and transportation, environmental liability and Directors & Officers liability. Additional coverage has been arranged locally based on the specific requirements of local legislation, collective labour contracts and/or corporate agreements. Insurance analysis and transfer of the risks to which the Group is exposed are conducted in collaboration with a leading insurance broker, which supports this process with its international

The Company has defined its risk appetite and risk statement for certain risk categories, identified within the risk families defined by Brembo's risk model. The risk appetite has been rated using a system with four levels: zero-tolerance vision, low, medium, and high. Specific tolerances have also been defined for certain financial risks. In line with the approach pursued also by other multinationals, in 2023, Brembo set up its own captive reinsurance company — Brembo Reinsurance AG based in Zürich, Switzerland — that reinsures a portion of the risks transferred to the insurance market, such as liability, product recall, property damage, and business interruption. This operation, also driven by the expansion of the Brembo Group's business, stemmed from the strategic need to increase the Group's level of autonomy towards the insurance market trends, as well as from the need to enhance the flexibility of the Group's risk transfer strategy.

2) RISK FACTORS AND MITIGATION STRATEGIES

The Group is exposed to the consequences of both volatility and changes of external factors (e.g., currencies fluctuations) and internal risks associated to business operations and processes. In order to mitigate its business risk exposures, the Group implements relevant mitigation strategies aimed at reducing the likelihood occurrence and the potential impact of those risks:

• strategic risks;
• operational risks;
• legal and compliance risks;
• financial risks.

The risks outlined below are not exhaustive. There may be additional risks, currently unknown to Brembo or deemed immaterial, that could evolve into significant factors affecting the Group.

For an in-depth focus on sustainability risks, please refer to the Sustainability Statement section of the 2024 Brembo Annual Report, while for more information on financial risks, please refer to "Financial Risk Management" in the Financial Statements section of the 2024 Annual Report.

The order in which the risks are discussed does not imply classification in terms of likelihood occurrence or possible impact.

STRATEGIC RISKS

Geopolitical Instability and Macroeconomic Risks

Key topics: geopolitical instability, trade tariffs, supply chain resilience, economic conditions, deterioration of macro indicators

Having an international footprint and business partners worldwide, Brembo is exposed to risks related to geopolitical conditions. This is especially exacerbated in the current context of increasing geopolitical tensions, with several political and economic disputes and conflicts both at regional and global level. For nearly all companies, such tensions have or could have a ripple effect on the supply chain resilience, translating into trade tariffs and impacting sales and manufacturing processes and the value of corporate assets worldwide.

Brembo's exposure to geopolitical risks is "naturally" hedged through geographical diversification both in terms of production/supply chain footprint and sales, that thus allows to balance off the risk at Group level. In addition, thanks to a largely "local for local" approach, handling of raw materials and products is generally limited, thus reducing also the exposure to the risk of supply chain disruption.

2.2 RISK MANAGEMENT

Brembo constantly monitors the development of political, financial and security risks associated with the countries in which the political and economic context could prove unstable in the future. In case of escalation, the Crisis Committee is activated to define and implement the most adequate risk management solutions as soon as possible.

Brembo's results are also exposed to the effects of macroeconomic factors (e.g., GDP fluctuations, interest rates level, inflation, energy and commodity prices, global trade trends) that might impact the demand level and Brembo's operational and financial performance.

Brembo's focus on the top-end and premium market and its geographical diversification translate into a lower Group overall exposure to the volatility of those factors.

In order to constantly align its production and sales forecasts and monitor the risks associated with macroeconomic and demand changes, Brembo keeps constant control of its order portfolio, the performance of the automotive market in the various countries in which it operates and the related macroeconomic indicators.

Innovation

Key topics: competitors' innovation, intellectual property protection, success of Brembo's R&D and product development strategy

Brembo is exposed to risks associated with the evolution of technology, namely the risk that more competitive and/ or disruptive products, technologies and/or more efficient processes are developed.

To maintain its competitive edge, also in the Motorsport sector, Brembo invests sizeable resources in R&D,

Product and process innovations — those currently being used, as well as those that may be used for production in the future — are patented to protect the Group's technological leadership. The Intellectual Property Rights function within the Research and Development GCF is responsible for managing patents and, more generally, all aspects associated with protecting the Group's IPRs, in addition to monitoring Brembo's potential infringement of third parties' IPRs.

Market Trends

Key topics: structural changes of the changes in regulations, electrification

conducting applied and basic research on both existing and newly applied technologies, such as those associated with digital innovation, in addition to mechatronics. associated with the transformation that is impacting the automotive industry.

automotive industry, growth of new OEMs, crisis of traditional OEMs, protectionism, The automotive industry is undergoing a profound and structural transformation mostly driven by the electrification. Such transition is posing several challenges to traditional OEMs as they must concurrently deal with new and more stringent regulations, new competitors, the slowing demand in the EU and the rise of more protectionist stances at political level. This is generating pressures on traditional OEMs on several fronts (loss of market share, industrial overcapacity, labour conflicts) and is translating, for many of them, into weak results and profit warnings. Brembo is strongly committed to responding to the challenges posed by climate change, to improving the Group's resilience and to seizing the opportunities arising from the transition to a low-carbon economy. A key element to achieve these objectives is the active management of climate-related risks and opportunities and their impacts. In this context, Brembo has been conducting a Climate Change Risk Assessment (CCRA) in line with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) for some years. The evaluation, which is updated annually with the support of an external specialized firm, involves a scenario analysis and a qualitative and quantitative assessment of the main risks and opportunities with regard to physical risks and transition risks over various time horizons.

To reduce the risk of segment/market saturation in the countries where it operates, the Group has forged ahead with its sales geographical diversification strategy, increasingly and successfully looking for business opportunities with new OEMs and is gradually broadening its product range by developing new products, solutions and services for its customers, in line with its corporate mission statement.

Climate Change Key topics: climate change transition, physical risks

Brembo targets the top-end and premium segments of the automotive sector and generates most of its sales in Europe, North America and China. Nevertheless, Brembo remains subject to the risks Main exposures to physical risks regard: flood risk, limited to certain sites which are already protected with hydraulic barriers; water stress, for which specific mitigation solutions have been implemented (water supply alternatives, storages, etc.); and atmospheric

events (for which limited impacts are expected). The main opportunities generated by the climate change transition include the possibility of expanding the Group's segments and value chain thanks to new products (e.g., Sensify) and the appreciation and spread in the market of products with a high environmental performance (e.g., Greenance Discs). Additional possible risks include the spread of alternative mobility solutions, risks in connection to the achievement of the net zero target and the possible implementation of systems of taxation associated with externalities (e.g., "cap-and-trade" systems).

For further details, reference should be made to the Sustainability Statement section of the 2024 Annual Report.

Investment Projects

Key topics: country risks, natural hazards, damages to assets, interdependencies Investments in certain countries may be influenced by major modifications of the local regulatory framework, which could result in changes in the economic conditions existing at the time of the investment. Moreover, climate change is reshaping the appeal of industrial production sites — and in the future it will perhaps redefine also their suitability — because of high or increasing exposures to risks such as water scarcity and natural hazards. For this reason, before investing in a country, Brembo assesses the country risks and the site's exposure to natural hazards.

Additionally, risks connected to real-estate developments (delays, damages, liabilities, etc.) are managed through the support of different internal functions and external consultants.

As regards M&A activities, transactions are coordinated by the Business Development Global Central Function

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to mitigate the risks through a structured due diligence process. The evaluation of the target risks plays a central role in this process and also covers Environmental, Social and Governance aspects.

OPERATIONAL RISKS

The main operational risks, which are intrinsic in Brembo's business, are associated with the supply chain, the unavailability of production facilities, product quality, Information Technology, the environment, health and safety, and people and organization.

Supply Chain

Key topics: single sourcing, high dependency on suppliers, supply chain resilience, logistics and transportation, suppliers' quality, suppliers' compliance to sustainability requirements

The main risks associated with the supply chain include dependency on single suppliers, i.e., the event in which supplier disruption may jeopardize Brembo's ability to fulfil clients' orders in a timely manner. In response to this risk, the Purchasing GCF identifies, where possible, alternative suppliers as potential replacements for goods and services deemed strategic, whereas the Quality GCF monitors and ensures the robustness and stability of the supply chain in providing products that meet the requirements of Brembo and its customers.

The supplier monitoring process has been reinforced for the purpose of prevention, particularly as regards suppliers' financial stability, which is expected to be under increasing pressure in 2025 due to the potential effects on suppliers' profitability of the automotive market trends (OEMs'

in place to mitigate the risk of disruption/limitation of Brembo's operations due to events related to its supply chain. In particular, besides its broadly "local for local" approach that reduces the handling of raw materials and products, strategies adopted include production replanning/ reallocation, changes in the transport channels and constant monitoring of the order backlog, also with a view to properly managing stocks. Brembo considers as highly relevant the sustainability of its supply chain and has defined, in a specific policy, the requirements for its suppliers on topics such as labour and human rights, health and safety, ethics and environment. Specific assessment and monitoring measures have been implemented to mitigate the risk of suppliers' non-compliance with the principles and requirements set out in the above-mentioned policy.

market share redistribution, UE market stagnation), and the availability of production capacity able to cope with sudden demand fluctuations and/or difficulties linked to logistics and transportation — aspects that have become increasingly important following the pandemic emergency, the conflict in Ukraine and the spread of the effects of the Israeli-Palestinian war to the Red Sea, associated with the redefinition of maritime routes and the concurrent Panama Canal restrictions on transit volumes. Those preliminary measures are part of the actions put To monitor its exposure to natural hazards, Brembo carries out specific assessments by means of different tools and databases (see also the Sustainability Statement section in the 2024 Annual Report). In addition, Brembo has reinforced its risk mitigation process, through the planning of loss prevention engineering activities. The aim of this process is to reduce risk factors in terms of probability of occurrence and to implement protective measures aimed at limiting the impact of these risks and maintaining the operating continuity levels of the Group's production facilities.

Property Damage and Business Interruption Key topics: natural hazards, utilities supply discontinuity, damages to assets, production and deliveries disruption, interdependencies Natural or accidental events (e.g., flood, earthquakes or fires), malicious behaviour (e.g., acts of vandalism) or systems malfunctioning may result in damage to assets, unavailability of production facilities and discontinuity of

operation of such facilities.

Furthermore, Brembo's expansion of its industrial capacity is also contributing to mitigating its business interruption risk and to strengthening Brembo's resilience in case of a disruptive event involving one of its production plants.

Product Quality

Key topics: safety and quality, recall, product liability, suppliers' quality

As braking systems, together with other vehicle's components and features, play a fundamental role in ensuring the vehicle's safety, Brembo attaches utmost importance to the risk related to product features, both in terms of safety and quality.

As well known, safety represents a very critical topic within the entire automotive industry, as demonstrated for instance by the number of recall campaigns occurred in the past in this sector. The Group has a consolidated experience and has always been committed to mitigating this risk through robust and efficient product design, product and components traceability, and quality management, both at its own and at suppliers' plants. As part of this process, Brembo has established a worldwide Supplier Quality Assurance function, specifically dedicated to quality control of components, in addition to constantly optimising prevention activities, such as for instance the Failure Mode & Effect Analysis (FMEA).

In addition, the Quality GCF bears global responsibility for properly managing binding requirements and the safety behaviour of products, with particular regard to the risk of recall from the market, for which specific company procedures have been set up in order to properly and timely manage the related risk. Preliminary feasibility analyses involving suppliers are also carried out to enable adequate management of technical risks as soon as from the initial development phases, thereby ensuring product durability.

Information Technology

Key topics: IT systems continuity, data protection, cybersecurity, artificial intelligence

Brembo considers the operating continuity of its IT systems to be a significant priority, and it has implemented a framework for managing cyber risks aimed at ensuring business continuity and the availability, integrity and confidentiality of data, while also ensuring compliance with the European GDPR and the national legislation applicable in the countries in which it operates. These issues are growing in importance also in light of the start of the Group's smart factory (Industry 4.0) process and the implementation of the strategic pillars associated with the corporate mission.

In 2020, the Group's three Italian companies were certified according to the ISO 27001 international standard, which sets the requirements and defines the methods for proper, secure management of information within the Company. Over the years, certification was extended to Poland, the Czech Republic and North America.

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A Security Operations Center (SOC), reporting to the Head of Information Security, was also established to ensure real-time monitoring of cyber events in order to prevent and promptly react to possible cyber-attacks.

As part of its Ishango programme, Brembo is implementing or migrating towards new digital systems/ solutions. This programme involves the migration of Group companies' ERP (Enterprise Resource Planning), starting with pilot projects. In 2024, the first two pilot projects were implemented. As part of the project governance framework, the related risks have been evaluated and their mitigation strategies defined.

Artificial Intelligence

Key topics: artificial intelligence, Brembo Solutions, cybersecurity

Brembo continues to develop its own AI solutions, both to improve its processes in terms of efficiency and quality, and to effectively respond to the needs of Brembo Solutions customers. Furthermore, the Group is using licensed AI solutions provided by third parties for internal processes and tasks, including tools to protect itself from cyber-attacks. The risks concerning AI use are related with its responsible, safe and efficient use, while failing in the implementation of AI technologies could lead to suboptimal business decisions and jeopardize the Group's competitive ability. The mitigation actions put in place by the Group are based on two main pillars: creating an AI team formed by qualified and skilled developers and data scientists, and properly educating the internal users to the correct, efficient and responsible use of AI tools.

In addition, AI aggravates the risk of fraud as more sophisticated attempts exploiting AI features (deepfakes, social engineering, phishing campaign, etc.) could target Brembo, causing financial damage and/or loss of information. Mitigating actions include double signature for payment execution, bank power of attorney approved by the Board, release of guidelines on AI use, ISO 27001 controls in place, antispam, antivirus and IP filtering systems.

Environment, Safety and Health

Key topics: working conditions, workers' health and safety, environmental protection, pollution, pandemics

These types of risks are intrinsic to the nature of corporate industrial operations. The Group manages them by carrying out ongoing and systematic evaluations of its exposure to specific risks and reducing or eliminating those considered unacceptable. This process is organized within a Management System that covers health and safety, as well as environmental aspects, and that is compliant with the international ISO 45001 and ISO 14001 standards, respectively, and certified by an independent body.

In summary, the Group has implemented systematic rules and management procedures that allow it to minimize the number of accidents, as well as the impact they may have. A clear-cut assignment of responsibility at all levels, the presence of independent internal control bodies up to the Company's highest officers, and the application of best practices in terms of international management standards testify to the Group's commitment to health, safety and environmental matters. For more information about environmental, health and safety aspects, reference should be made to the Sustainability Statement section of the 2024 Annual Report.

Planning and Reporting

Key topics: financial and sustainability reporting consistency and reliability, doublemateriality analysis

As a listed company, in addition to applying a precautionary approach in managing compliance matters, Brembo complies with applicable financial reporting standards and regulations.

An ERP software is implemented at nearly all Group companies to prepare accurate and reliable financial reporting for the Group, while also improving the Internal Control and Risk Management System and the quality, timeliness and comparability of the data provided by the various consolidated companies. As mentioned in the Information Technology section, as part of the Digital Transformation Programme, the Group is expected to be gradually migrated to the new ERP IT programme, according to the project timelines centrally defined at global level. The quality and reliability of the reporting, as well as the security of Brembo's assets, are exposed to the risk of fraud. This is defined as an intentional act perpetrated by internal stakeholders or third parties with the aim of obtaining unlawful advantages and potentially resulting in errors in financial statements and/ or misappropriation of the Company's assets. To mitigate such risk, Brembo implements specific measures that include Financial Compliance guidelines, Code of Ethics, 231 model and local compliance program, Anti-Bribery Code of Conduct, whistleblowing channel, property loss control inspections, CCTV cameras and security guards.

In compliance with applicable sustainability reporting regulations, Brembo manages and monitors the achievement of its internal sustainability targets and its compliance with regulatory requirements. In order to mitigate the risk of non-conformity and/or incorrectness of the reporting, Brembo adopts best practices and avails of specialized external advisors to support the preparation of sustainability reporting.

People and Organization

Key topics: diversity, equity and inclusion (DEI), talent attraction and retention

Brembo is committed to promoting a fair and inclusive environment, and to fostering a culture of respect for diversity and inclusion. Similarly, the Company adopts, maintains and improves systems and processes designed to eliminate slavery and human trafficking from its business. While strongly focused on achieving these goals, the Company is exposed to the risk of delays in the implementation of its strategic plan in these fields and to the risk of partial non-achievement of its objectives. Mitigation actions include a clear and committed governance, specific training initiatives aimed at improving awareness, disseminating a solid DEI culture and preventing any form of discrimination, access for the employees to specific programmes of assistance and support, active monitoring through communication channels (e.g., whistleblowing) open to the employees, as well as to all stakeholders.

Attracting and retaining qualified personnel with the required background, values, set of skills and motivation is key for the present and future success of Brembo. However, the new trends and challenges in the labour market worldwide may affect Brembo's capability to recruit and retain talents. Additionally, the success of the Company's strategy is increasingly relying on skills (e.g., data and software) that are particularly sought-after in the market.

Several measures are implemented by the Company to address and mitigate the above-mentioned risks, including:

12

enhanced recruiting and employer branding strategy, continuous benchmark of the compensation and benefits offered, implementation of talent attracting and retaining strategies, monitoring of employee engagement, training and skill upgrade strategies, strengthened partnerships with universities, schools and R&D centres.

LEGAL AND COMPLIANCE RISKS

Brembo is exposed to risks arising from the failure to rapidly comply with changing laws and new regulations in the sectors and markets in which it operates. To mitigate these risks, each compliance function stays abreast of the relevant legal and regulatory developments, with the assistance of outside consultants, where necessary, through a constant process of legal and regulatory updates and research.

Legal

Key topics: litigation, personal data processing

With reference to contractual matters and litigation, the Legal and Corporate Affairs GCF has defined a structured contractual management process and periodically monitors the progress of existing and potential litigations, determining the strategy to be applied and the most appropriate steps to be taken in managing them, involving specific corporate functions and major external law firms.

The risk of presence of counterfeited products in the Aftermarket (especially in the Far East) is also managed by the Legal and Corporate Affair GCF with the support of other functions by applying multiple approaches and actions (e.g., online and local investigations, QR code, etc.).

Key topics: local tax laws and regulations, tax control framework

With reference to the risk of tax non-compliance, or of operating in conflict with the principles or spirit of the systems in the jurisdictions in which the Group operates, in accordance with the guidelines laid down in the Global Tax Strategy and in Brembo N.V.'s Tax Strategy adopted in 2019, Brembo pursues the goal of proactively managing the tax non-compliance risk by ensuring that such risk is timely recognized, properly measured, monitored and contained through the Tax Control Framework.

Compliance

Key topics: product regulations, value-chain regulations, market abuse regulations, antitrust regulations, corporate governance regulations, code of ethics and code of conduct

In the 2024 cross-border conversion from Italy to the Netherlands, Brembo was assisted by external consultants specialized in the matter, who contributed to assessing all possible non-compliance risks linked to the transaction. Tax More specifically, increasing effort is demanded by regulatory requirements on trade compliance (CBAM, EU Deforestation Regulation, dual-use export controls, "Made In" labels, plastic tax, US Custom legislation, sanctions and embargo rules, etc.), alongside other more traditional compliance matters (privacy, market abuse, antitrust regulations, administrative liability, etc.).

The regulatory environment in which international companies like Brembo operate is continuously evolving and becoming more multifaceted. As all other companies, Brembo faces the theoretical risk of breaching national, international and industry regulations (e.g., product regulations, including regulations on chemicals, market abuse, antitrust, etc.). Consequently, the Company may be exposed to fines, legal penalties, and reputational damage.

The mitigating measures taken by the Group are aimed at ensuring the global spread of a culture of compliance through the establishment of specific principles of ethics and conduct, in addition to identifying compliance functions and processes and constantly monitoring legal changes. The application of the provisions and preventive measures takes also the form of training activities and progressive monitoring conducted by competent bodies within the framework of ordinary regulatory activities.

For example, with regard to personal data processing, the Group is supported by a Data Protection Officer and other dedicated functions, such as the Privacy Supervisory Board and the Privacy Reference Persons identified in sensitive company areas, in order to guarantee compliance to applicable data protection laws and regulations (e.g., GDPR in Europe).

FINANCIAL RISKS

In conducting its business, the Brembo Group is exposed to various financial risks, including interest rate, exchange rate, liquidity and credit risks. Financial risk management is the responsibility of the Corporate Treasury & Credit area, which, together with the Group's Finance Department and the Purchasing function, evaluates the main financial transactions and related hedging policies.

The various risk management strategies adopted by the Group are illustrated in greater detail here below.

Interest Rate and Exchange Rate Risks Key topics: interest rates, exchange rates

Since its financial debt is partly subject to variable interest rates, Brembo is exposed to the risk of interest-rate fluctuations. To reduce this risk, the Group has entered into several medium/long-term fixed-rate loan agreements, as well as specific hedging contracts (IRS), which account — including lease liabilities — for approximately 44% of gross financial position.

The objective is to eliminate the variability of the borrowing costs associated with a portion of debt and to benefit from sustainable fixed rates. The Group's Corporate Treasury & Credit area constantly monitors rate trends to evaluate in advance the need for any changes to the financial indebtedness structure.

Brembo operates in international markets, and it is therefore exposed to exchange rate risks. To mitigate these risks, the Group relies on natural hedging (offsetting receivables and payables) and only hedges net positions in foreign currency, using mostly, and where advisable, forward contracts in order to reduce exchange rate risk exposure.

Commodity Risk

Key topics: raw materials and commodities prices, energy price

Through a dedicated task force, the Brembo Group closely analyses and monitors the course of the risk associated with fluctuations in the prices of raw materials and

13

commodities. In particular, the Group undertakes specific financial transactions to hedge against the risk of energy price fluctuation.

Moreover, fixed prices are set in supply contracts with certain commodities suppliers for a given period of time and the contracts in place with the main customers also provide for automatic periodic indexing based on commodities prices. Both these approaches mitigate the risk of fluctuations in commodities prices.

Liquidity Risk

Key topics: financial resource availability, cash management, debt management

Liquidity risk can arise from Brembo's inability to obtain the financial resources necessary to guarantee its operation. The Corporate Treasury & Credit area implements the main measures indicated below to minimize such risk:

• it constantly assesses estimated financial requirements to ensure that appropriate measures are taken in a timely manner (obtaining additional credit lines, capital increases, etc.);
• it obtains adequate credit lines;
• it optimizes liquidity, where feasible, through cashpooling arrangements;
• it ensures that the composition of net financial debt is adequate for the investments carried out;
• it ensures a proper balance between short- and medium-/long-term debt.

Credit Risk

Key topics: credit management, customer financial rating, changes in the customer base

Credit risk is the risk that a customer or one of the parties to a financial instrument will cause a financial loss by failing to perform an obligation. Exposure to credit risk arises in relation to trade receivables. Brembo has traditionally entered into commercial dealings primarily with leading car and motorbike makers. More recently, however, with a view to expanding its customer-base and implementing its geographical diversification strategy, the Group has also started to establish important business relations with new OEMs. This strategic move, coupled with the tensions in the automotive industry discussed in the Strategic Risks — Market Trends section, has contributed to further increasing the Company's attention to this risk. Mitigation actions focus on credit monitoring, so that situations where there is a risk of insolvency or late payment with respect to contractual terms can be anticipated, and, where possible, on active management of the customer relationship in case of distress.

14

2.3 GROUP FINANCIAL REVIEW

2.3.1 GROUP ACTIVITIES AND REFERENCE MARKET

Brembo is the world leader and acknowledged innovator in the development of braking solutions for automotive vehicles. It currently operates in 18 countries on 4 continents, through its production and business sites, and employs over 16,000 people worldwide. Brembo's reference market is represented by the most important manufacturers of cars, motorbikes, commercial vehicles and racing cars and motorbikes. Constant focus on innovation, as well as technological and process development — factors that have always been fundamental to Brembo's philosophy — have earned the Group a strong international leadership position in the research, design and production of highperformance braking systems for a wide range of road and racing vehicles. Brembo operates in both the original equipment market and the aftermarket. Brembo's range of products for car and commercial vehicle applications includes brake discs, brake calipers, the side-wheel module and, increasingly often, the complete braking system, including integrated engineering services. All of these back the development of new models produced by vehicle manufacturers. In addition to brake discs and brake calipers, motorbike manufacturers are also offered brake master cylinders, light-alloy wheels, brake hoses and complete braking systems. In the car aftermarket, Brembo offers in particular brake discs, in addition to pads, drums, brake shoes, drum-brake kits and hydraulic components. Following the acquisition of a 100% stake in Öhlins Racing, Brembo increased its product range with high-performance suspension technology for motorbikes and cars.

Global production of passenger cars and light commercial vehicles up to 6 tons rose by 3% in the first five months of 2025 compared to the same period of 2024, reaching 37.2 million units. However, the global automotive industry

is experiencing disruptions in 2025, marked by several key risks. Ongoing US tariff actions and trade disputes continue to pose significant threats to global trade flows and investment decisions. In addition, China's export restrictions on rare earth magnets have increased shortterm supply risks for components critical to EV drive motors. While recent trade talks have eased short-term concerns, the industry remains vulnerable to future disruptions. On top of this, geopolitical instability remains high, with multiple ongoing international conflicts such as the Russia-Ukraine war, the Israel-Hamas/Hezbollah conflict, and tensions between Israel and Iran driving widespread social impacts, disrupting global energy markets and further fueling inflation. At the same time, the macroeconomic conditions remain fragile. Global GDP growth is forecast at 2.4% for 2025, reflecting a slight upward revision in part due to the temporary, yet substantial, reduction in tariffs between the US and China. However, the U.S. trade policy continues to be a significant source of uncertainty, and the overall outlook is less favorable than anticipated before the tariff announcements in early April. Meanwhile, high interest rates, tight credit conditions, persistent inflation, and weakening consumer purchasing power continue to affect vehicle affordability in many regions. The electrification of the automotive market continues to face headwinds, including automakers' delayed or revised plans, affordability concerns, uneven charging infrastructure, and rising protectionist policies. Sustained government support remains crucial to maintaining momentum and driving broader adoption. Looking at regional trends, the European automotive market recorded a slow start in 2025, with a 5% decline primarily driven by trade uncertainty caused by ongoing trade disputes, subdued real GDP growth, and consumer caution, particularly regarding the transition to electric vehicles. In addition, rising imports, especially from China, put further pressure on regional production. Following the partial easing of trade tensions, light vehicle production is now projected to decrease by 3% compared to 2024. In North America, light vehicle production declined by 5% year-to-date through May 2025. The primary driver of this underperformance was the economic uncertainty triggered by the Trump administration's trade policies and tariffs. Affordability challenges also persisted, fueled by high interest rates, tight credit conditions, and vehicle prices that were not adjusted downward quickly enough. While production has shown resilience so far, a slowdown is expected to materialize to some extent starting in the fourth quarter of 2025. Full-year 2025 production is now projected to drop by 5%. In China, vehicle production rose sharply through May 2025, up 13% year-to-date. This strong performance was driven by several key factors, including government stimulus measures such as scrappage and replacement incentives and new energy vehicle (NEV) subsidies, favorable trade policies that supported the export rebound, and robust domestic demand, particularly for NEVs. Despite this momentum, China is unlikely to meet its 5% GDP growth target, with current projections pointing to a 4.3% growth. Looking ahead, light vehicle production in China is expected to mark a 3% increase compared to 2024. Moving to Medium and Heavy commercial vehicles (trucks and buses over 6 tons), worldwide production declined by 6% in the first five months of 2025. Brembo's core market, Europe, saw an even steeper contraction of 15%, with East Europe particularly hard hit. Full year 2025 is now projected to close with a 1% decrease compared to 2024. From a registration perspective, global passenger car sales increased by 3% year-to-date through May 2025 compared to the same period of 2024. At regional level, Europe recorded a 1% decline and North America fell by 3%, while China posted a 5% increase. In the commercial vehicle segment, worldwide registrations rose by 3% year-to-date through May 2025, mainly driven by growth in North America (+5%) and

China (+2%). In contrast, Europe saw a sharp 13% decline. As regards the motorbike industry (two/three wheelers above 50cc), European registrations declined by 10% through May 2025. Considering the engine sizes, motorbikes above 500cc underperformed, with a 14% decrease in the same period. In the United States, overall registrations, including also ATVs (All Terrain Vehicles), decreased by 8% in the first quarter of 2025; motorbikes alone also dropped by 10%. The Indian market showed a decrease of 3% through May 2025, whereas registrations in the Japanese market grew by 5% in the first five months of the year. As regards the aftermarket, global UIO (units in operation) are forecast to reach 1.7 billion in 2025, increasing by 2% compared to 2024. All regions are expected to show positive UIO growth compared to 2024: Europe (+1%), China (+2%), North America (+1%), South America (+1%), South Asia (+2%), and Japan/Korea (+1%).

In the first half of 2025, Brembo's consolidated net sales amounted to €1,880,969 thousand, down 6.2% compared to €2,004,835 thousand for the same period of 2024.

Note: Sources of LV and M&H production and sales data: third-party S&P Global Mobility and Brembo in-house marketing analyses. Sources of motorbike data: third party entities and Brembo in-house marketing analyses. Source of macro-economic data: Oxford Economics.

15

The following tables show net sales at 30 June 2025, broken down by geographical area and application.

Geographical area

(euro thousand)	30.06.2025	%	30.06.2024	%	Change	%
Italy	198,792	10.5%	197,780	9.9%	1,012	0.5%
Germany	380,910	20.3%	408,548	20.4%	(27,638)	-6.8%
France	55,761	3.0%	54,568	2.7%	1,193	2.2%
United Kingdom	119,977	6.4%	112,199	5.6%	7,778	6.9%
Other European countries	181,142	9.5%	241,670	12.0%	(60,528)	-25.0%
India	74,394	4.0%	80,678	4.0%	(6,284)	-7.8%
China	261,330	13.9%	278,702	14.0%	(17,372)	-6.2%
Japan	31,793	1.7%	15,994	0.8%	15,799	98.8%
Other Asian Countries	41,110	2.2%	26,989	1.3%	14,121	52.3%
South America (Argentina and Brazil)	41,246	2.2%	38,161	1.9%	3,085	8.1%
North America (USA, Mexico & Canada)	476,230	25.3%	533,145	26.6%	(56,915)	-10.7%
Other Countries	18,284	1.0%	16,401	0.8%	1,883	11.5%
Total	1,880,969	100.0%	2,004,835	100.0%	(123,866)	-6.2%

Following an in-depht analysis, data at 30 June 2024 have been restated.

Application

(euro thousand)	30.06.2025	%	30.06.2024	%	Change	%
Passenger car	1,370,243	72.9%	1,467,363	73.1%	(97,120)	-6.6%
Motorbike	206,674	11.0%	249,662	12.5%	(42,988)	-17.2%
Commercial Vehicle	156,033	8.3%	184,153	9.2%	(28,120)	-15.3%
Racing	147,630	7.8%	103,285	5.2%	44,345	42.9%
Miscellaneous	389	0.0%	372	0.0%	17	4.6%
Total	1,880,969	100.0%	2,004,835	100.0%	(123,866)	-6.2%

16

	1. Corporate
Index	Highlights

2.3.2 BREMBO'S CONSOLIDATED RESULTS

Consolidated Statement of Income

(euro thousand)	30.06.2025	30.06.2024	Change	%
Revenue from contracts with customers	1,880,969	2,004,835	(123,866)	-6.2%
Cost of sales, operating costs and other net charges/income (*)	(1,192,272)	(1,290,130)	97,858	-7.6%
Income (expense) from non-financial investments	5,256	8,129	(2,873)	-35.3%
Personnel expenses	(393,060)	(371,414)	(21,646)	5.8%
GROSS OPERATING INCOME	300,893	351,420	(50,527)	-14.4%
% of revenue from contracts with customers	16.0%	17.5%
Depreciation, amortization and impairment losses	(138,457)	(132,594)	(5,863)	4.4%
NET OPERATING INCOME	162,436	218,826	(56,390)	-25.8%
% of revenue from contracts with customers	8.6%	10.9%
Net interest income (expense) and from investments	(21,386)	(6,912)	(14,474)	209.4%
RESULT BEFORE TAXES	141,050	211,914	(70,864)	-33.4%
% of revenue from contracts with customers	7.5%	10.6%
Taxes	(40,514)	(53,685)	13,171	-24.5%
RESULT BEFORE MINORITY INTERESTS	100,536	158,229	(57,693)	-36.5%
% of revenue from contracts with customers	5.3%	7.9%
Minority interests	(2,685)	(1,936)	(749)	38.7%
GROUP NET RESULT	97,851	156,293	(58,442)	-37.4%
% of revenue from contracts with customers	5.2%	7.8%
BASIC/DILUTED EARNINGS PER SHARE (euro)	0.31	0.49

(*) The item is obtained by adding the following items of the Consolidated Statement of Income: "Other revenues and income", "Costs for capitalised internal works", "Raw materials, consumables and goods" and "Other operating costs".

	ors,
t

The Group's net sales for the first half of 2025 amounted to €1,880,969 thousand, down 6.2% compared to the same period of the previous year. On a like-for-like consolidation basis — thus excluding the contribution of Öhlins Racing — the Group's sales decreased by 9.8%.

The car applications sector, which accounted for 72.9% of the Group's sales, closed the first six months of 2025 with a 6.6% decrease compared to the same period of the previous year; in the same period, motorbike applications declined by 17.2% and applications for commercial vehicles by 15.3%, while racing applications rose by 42.9%.

At geographical level, and with specific reference to Europe, Germany declined by 6.8% compared to the first half of 2024. Among the other European countries, France grew by 2.2% , Italy by 0.5% and the United Kingdom by 6.9%. In South America, sales rose by 8.1%, while North America showed a 10.7% decline. In the Far East, India decreased compared to the first half of 2024 (-7.8%) as did China (-6.2%), while Japan reported growth (+98.8%).

In the first half of 2025, the cost of sales and other net operating costs amounted to €1,192,272 thousand, with a ratio to sales of 63.4%, slightly down on 64.4% for the first half of 2024. Within this item, development costs capitalised under intangible assets amounted to €15,613 thousand compared to €15,451 thousand for the first half of the previous year.

Income (expense) from non-financial investments amounted to €5,256 thousand and was chiefly attributable to the effects of the valuation of the BSCCB Group and the company Shandong BRGP Friction Technology Co. Ltd using the equity method (€8,129 thousand in the first half of 2024).

Personnel expenses amounted to €393,060 thousand, with a ratio to sales of 20.9%, increasing compared to the same period of the previous year (18.5%). At 30 June 2025, people numbered 16,059 (15,461 at 31 December 2024

and 16,191 at 30 June 2024), including agency workers, amounting to 1,226 (1,113 at 31 December 2024 and 1,923 at 30 June 2024).

Gross operating income was €300,893 thousand compared to €351,420 thousand for the first half of 2024, with a 16.0% ratio to sales (17.5% for the same period of 2024).

Net operating income amounted to €162,436 thousand (8.6% of sales), compared to €218,826 thousand (10.9% of sales) for the first half of 2024, after depreciation, amortisation and impairment losses of €138,457 thousand, compared to depreciation, amortisation and impairment losses amounting to €132,594 thousand for the same period of 2024.

Net interest expense amounted to €21,489 thousand (€17,966 thousand in the first half of 2024) and consisted of net exchange losses of €4,574 thousand (net exchange losses of €4,768 thousand in the first half of 2024) and interest expense of €16,915 thousand (€13,198 thousand for the same period of 2024).

Net interest income from investments, which amounted to €103 thousand (€11,054 thousand in the first half of 2024 including also dividends received by investees not in the consolidation area), was attributable to the effects of valuing investments in associates using the equity method.

Result before taxes was a profit of €141,050 thousand, compared to €211,914 thousand for the first half of 2024. Based on the tax rates applicable under current tax regulations in force in each country, estimated taxation amounted to €40,514 thousand, with a tax rate of 28.7% compared to 25.3% for the same period of the previous year.

The Group's net result for the first half of 2025 amounted to €97.851 thousand (5.2% of sales), down compared to €156,293 thousand for the first half of 2024 (7.8% of sales).

17

Statement of Financial Position

(euro thousand)	30.06.2025	31.12.2024	Change
Property, plant and equipment	1,768,133	1,774,996	(6,863)
Intangible assets	688,681	311,425	377,256
Financial assets/liabilities	67,179	72,908	(5,729)
Other receivables and non-current liabilities	152,082	159,419	(7,337)
Fixed capital	2,676,075	2,318,748	357,327
			15.4%
Inventories	683,031	638,310	44,721
Trade receivables	679,142	631,395	47,747
Other receivables and current assets	140,365	137,676	2,689
Current liabilities	(932,413)	(956,216)	23,803
Provisions/deferred taxes	(88,016)	(51,005)	(37,011)
Hedging assets/liabilities	0	18,618	(18,618)
Net working capital	482,109	418,778	63,331
			15.1%
NET INVESTED CAPITAL	3,158,184	2,737,526	420,658
			15.4%
Equity	2,203,137	2,329,817	(126,680)
Employees' leaving entitlement and other provisions for personnel	19,505	47,356	(27,851)
Medium/long-term net financial debt	888,143	715,274	172,869
Short-term net financial debt	47,399	(354,921)	402,320
Net Financial Debt	935,542	360,353	575,189
			159.6%
COVERAGE	3,158,184	2,737,526	420,658

15.4% 15.1% 15.4% 159.6%

15.4%

The Group's Statement of Financial Position reflects reclassifications of consolidated accounting statements, as described in the following pages. In detail:

• "Net financial assets" include the following items: "Investments" and "Other financial assets";
• the item "Other receivables and non-current liabilities" is made up of the following items: "Receivables and other non-current assets", "Deferred tax assets" and "Other non-current liabilities";
• "Net financial debt" includes current and non-current payables to banks and other financial liabilities (including lease liabilities), net of cash and cash equivalents and current financial assets.

Net Invested Capital at the end of the first half of 2025 amounted to €3,158,184 thousand, up by €420,658 thousand compared to €2,737,526 thousand at 31 December 2024.

Net financial debt at 30 June 2025 was €935,542 thousand, compared to €360,353 thousand at 31 December 2024. The €575,189 thousand increase for the period was mainly attributable to the combined effect of the following factors:

• the positive effect of gross operating income of €300,893 thousand;
• the amount paid for the acquisition of Öhlins Group, net of its net financial positions, for €365,909 thousand;
• net investments totalling €185,916 thousand, of which €15,464 thousand for development costs; they were mainly concentrated in Poland (36.2%), North America (26.8%), Italy (22.9%), and China (5.8%);
• increases in leased assets for €13,926 thousand;
• the overall €133,365 thousand increase in working capital;
• payment of taxes totalling €35,993 thousand;
• the Parent's payment of the approved dividends in the amount of €95,461 thousand;
• dividends received by the associates totalling €5,000 thousand.

The Explanatory Notes to the Condensed Consolidated Six Monthly Financial Report provide detailed information on the financial position and its assets and liabilities items.

18

	1. Corporate
Index	Highlights

2. Directors'
Report

Statement of Cash Flows

NET FINANCIAL POSITION AT BEGINNING OF PERIOD () (360,353) Net operating income 162,436 Depreciation, amortization and impairment losses 138,457 Gross operating income 300,893 Investments in property, plant and equipment (159,912) Investments in intangible assets (26,665) Increases in leased assets (13,926) Investments in financial assets (32) Disposal of tangible and intangible assets 661 Amounts(paid)/received for the acquisition/disposal of subsidiaries , net of the net financial positions (365,909) Net investments (565,783) Change in inventories (19,615) Change in trade receivables (24,464) Change in trade payables (37,068) Change in other liabilities (10,793) Change in receivables from others and other assets (6,039) Translation adjustment reserve not allocated to specific items (35,386) Change in working capital (133,365) Change in provisions for employee benefits and other provisions (34,467) Operating cash flow (432,722) Interest income and expense (21,082) Current taxes paid (35,993) Dividend paid in the period to minority shareholders (960) Interest (income)/expense from investments, net of dividends received (256) Dividends paid in the period (95,461) Net cash flow (586,474) Effect of translation differences on net financial positions 11,285 NET FINANCIAL POSITION AT THE END OF PERIOD () (935,542)	(euro thousand)	30.06.2025	30.06.2024
			(454,768)
			218,826
			132,594
			351,420
			(146,582)
			(21,948)
			(18,760)
			(2,760)
			781
			0
			(189,269)
			(52,720)
			(127,598)
			23,067
			(11,091)
			(24,111)
			5,750
			(186,703)
			17,335
			(7,217)
			(6,345)
			(48,437)
			(960)
			1,871
			(95,562)
			(156,650)
			(2,175)
			(613,593)

(*) See Note 13 of the Explanatory Notes to the Condensed Financial Statements for a reconcilition with financial statement data.

2.3.3 DEFINITION OF THE ALTERNATIVE PERFORMANCE MEASURES

Brembo's Directors have identified some alternative performance measures ("APMs") in the previous paragraphs, in order to provide a better understanding of the Brembo Group's operating and financial performance. These indicators are also tools that help the Directors to identify operating trends and make decisions about investments, allocation of resources and other operating decisions.

The following points enable a correct interpretation of the above-mentioned APMs:

• these indicators are constructed starting from the Group's historical data only and are not indicative of the Group's future performance;
• the APMs are not laid down by the IFRS and are not subject to audit, although they are taken from the Group's Consolidated Financial Statements; specifically, the Statement of Income APMs and the Statement of Financial Position APMs are reconciled in the Consolidated Statement of Income on p. 17 and the Consolidated Statement of Financial Position on p. 19, respectively;
• the APMs must not be considered to replace the indicators provided for by the IFRS;
• the APMs are to be read together with the Group's financial information, taken from the Brembo Group's Consolidated Financial Statements;
• the definitions used by the Group may not match those adopted by other companies/groups, therefore they are not comparable, since they are not derived from reference accounting standards;
  • the APMs used by the Group are applied on an ongoing basis and are consistently defined and represented

for all the periods for which financial information is included in these Financial Statements.

The APMs indicated below have been selected and represented in the Directors' Report on Operations since the Group deems that:

• Net Financial Debt, combined with other indicators such as Investments/Revenue from contracts with customers, Net Financial Debt/Equity, Net interest expense (less exchange gains or losses)/Revenue from contracts with customers and Net interest expense (less exchange gains or losses)/Net operating income allow a better assessment of the overall level of debt, capital solidity and debt payment capacity;
• Fixed Capital and thus net investments in property, plant, equipment and intangible assets, calculated as the sum total of increases (net of decreases) of property, plant and equipment and intangible assets —, Net Working Capital, and Net Invested Capital allow a better assessment of both the ability to meet shortterm trade commitments through current trade assets, and the consistency between the structure of the use and that of the sources of financing over time;
• Gross Operating Income (EBITDA) and Net Operating Income (EBIT), combined with other relative profitability indicators, allow changes in operating performance to be illustrated and provide useful information on the Group's capacity to sustain debt; these indicators are also commonly used by analysts and investors in the sector to which the Group belongs to evaluate company performance.

19

Index 1. Corporate Highlights

2.3.4 OUTLOOK

In a scenario still marked by significant uncertainties and volatility, on a like-for-like exchange rate basis and including Öhlins, Brembo expects revenues in line with the previous year and an EBITDA margin above 16%, assuming a more stable geopolitical context in the second half of the year. Additionally, Brembo confirms investments at €400 million for the full year and a net debt of approximately €780 million.

2.4 SIGNIFICANT EVENTS AFTER 30 JUNE 2025

No significant events occurred after the end of the first half of the year and up to 29 July 2025.

CONSOLIDATED FINANCIAL STATEMENTS

3.1 Consolidated Financial Statements at 30 June 2025	22
3.2 Explanatory Notes to the Consolidated Financial Statements at 30 June 2025	26
3.3 Statement of Compliance by the Board of Directors	47
3.4 Independent Auditors' Reports	48

3.3.1 CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Assets

3.1 CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2025 Equity and Liabilities

(euro thousand)	Notes	30.06.2025	31.12.2024	Change
NON-CURRENT ASSETS
Property, plant and equipment	1	1,602,621	1,542,335	60,286
Right-of-use assets	1	165,512	232,661	(67,149)
Development costs	2	114,921	109,012	5,909
Goodwill and other indefinite useful life assets	2	369,415	122,978	246,437
Other intangible assets	2	204,345	79,435	124,910
Shareholdings valued using the equity method	3	63,950	64,541	(591)
Investments in other companies	4	3,673	3,641	32
Financial derivatives	4	5,024	8,998	(3,974)
Other non-current financial assets	4	3,272	2,565	707
Receivables and other non-current assets	5	48,360	52,928	(4,568)
Deferred tax assets	6	106,728	109,284	(2,556)
TOTAL NON-CURRENT ASSETS		2,687,821	2,328,378	359,443
CURRENT ASSETS
Inventories	7	683,031	638,310	44,721
Trade receivables	8	679,142	631,395	47,747
Other receivables and current assets	9	140,365	137,676	2,689
Financial derivatives	10	5,617	23,985	(18,368)
Other current financial assets	10	2,680	3,130	(450)
Cash and cash equivalents	11	440,008	867,216	(427,208)
TOTAL CURRENT ASSETS		1,950,843	2,301,712	(350,869)
TOTAL ASSETS		4,638,664	4,630,090	8,574

(euro thousand)	Notes	30.06.2025	31.12.2024	Change
GROUP EQUITY
Share capital	12	8,797	7,007	1,790
Statutory reserve	12	25,931	27,721	(1,790)
Revaluation reserve	12	13,369	13,369	0
Hedging reserve	12	(1,189)	25,007	(26,196)
Treasury Shares	12	(90,425)	(90,425)	0
Share premium	12	26,650	26,650	0
Other reserves and retained earnings/(losses)	12	2,165,177	1,998,177	167,000
Reserve for cumulative translation adjustments	12	(77,185)	24,365	(101,550)
Net result for the period	12	97,851	262,603	(164,752)
TOTAL GROUP EQUITY		2,168,976	2,294,474	(125,498)
TOTAL MINORITY INTERESTS		34,161	35,343	(1,182)
TOTAL EQUITY		2,203,137	2,329,817	(126,680)
NON-CURRENT LIABILITIES
Non-current payables to banks	13	741,710	574,236	167,474
Long-term lease liabilities	13	149,226	145,146	4,080
Financial derivatives	13	5,947	2,574	3,373
Other non-current financial payables	13	0	155	(155)
Other non-current liabilities	14	3,006	2,793	213
Non-current provisions	15	19,585	20,438	(853)
Employee benefits	16	19,505	47,356	(27,851)
Deferred tax liabilities	6	65,984	25,202	40,782
TOTAL NON-CURRENT LIABILITIES		1,004,963	817,900	187,063
CURRENT LIABILITIES
Current payables to banks	13	472,875	425,294	47,581
Short-term lease liabilities	13	21,043	93,346	(72,303)
Financial derivatives	13	1,501	1,607	(106)
Other current financial payables	13	285	545	(260)
Trade payables	17	669,622	697,574	(27,952)
Tax payables	18	13,630	11,719	1,911
Current provisions	15	2,447	5,365	(2,918)
Contract liabilities	19	80,393	80,347	46
Other current liabilities	19	168,768	166,576	2,192
TOTAL CURRENT LIABILITIES		1,430,564	1,482,373	(51,809)
TOTAL LIABILITIES		2,435,527	2,300,273	135,254
TOTAL EQUITY AND LIABILITIES		4,638,664	4,630,090	8,574

22

3.1.2 CONSOLIDATED STATEMENT OF INCOME

3.1.3 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

(euro thousand)	Notes	30.06.2025	30.06.2024	Change	(euro thousand)	30.06.2025	30.06.2024	Change
Revenue from contracts with customers	20	1,880,969	2,004,835	(123,866)	NET RESULT FOR THE PERIOD	100,536	158,229	(57,693)
Other revenues and income	21	12,090	11,264	826	Other comprehensive income/(losses) that will not be subsequently reclassified
Costs for capitalized internal works	22	15,613	15,451	162	to income/(loss) for the period:
Raw materials, consumables and goods	23	(832,318)	(915,956)	83,638	Effect of actuarial gain (loss) on defined-benefit plans	205	1,161	(956)
Income (expense) from non-financial investments	24	5,256	8,129	(2,873)	Tax effect	(49)	(287)	238
Other operating costs	25	(387,657)	(400,889)	13,232	Effect of actuarial gain (loss) on defined-benefit plans regarding companies valued using the equity method	(98)	0	(98)
Personnel expenses	26	(393,060)	(371,414)	(21,646)	Fair value measurement of investments	0	32,066	(32,066)
GROSS OPERATING INCOME		300,893	351,420	(50,527)	Tax effect	0	(385)	385
Depreciation, amortization and impairment losses	27	(138,457)	(132,594)	(5,863)	Total other comprehensive income/(losses) that will not be subsequently
NET OPERATING INCOME		162,436	218,826	(56,390)	reclassified to income/(loss) for the period	58	32,555	(32,497)
Financial income	28	138,159	163,461	(25,302)	Other comprehensive income/(losses) that will be subsequently reclassified
Financial expense	28	(159,648)	(181,427)	21,779	to income/(loss) for the period:
Net interest income (expense)	28	(21,489)	(17,966)	(3,523)	Effect of hedge accounting (cash flow hedge) of derivatives	(28,230)	(5,931)	(22,299)
Interest income (expense) from investments	29	103	11,054	(10,951)	Tax effect	2,034	1,248	786
RESULT BEFORE TAXES		141,050	211,914	(70,864)	Change in translation adjustment reserve	(104,457)	21,648	(126,105)
Taxes	30	(40,514)	(53,685)	13,171	Total other comprehensive income/(losses) that will be subsequently reclassified to income/(loss) for the period	(130,653)	16,965	(147,618)
NET RESULT FOR THE PERIOD		100,536	158,229	(57,693)	COMPREHENSIVE RESULT FOR THE PERIOD	(30,059)	207,749	(237,808)
Of which attributable to:					Of which attributable to:
– Minority interests		2,685	1,936	749	– Minority interests	(222)	2,189	(2,411)
– the Group		97,851	156,293	(58,442)	– the Group	(29,837)	205,560	(235,397)
BASIC/DILUTED EARNINGS PER SHARE (euro)	31	0.31	0.49

	1. Corporate
Index	Highlights

3.1.4 CONSOLIDATED STATEMENT OF CASH FLOWS

(euro thousand)	Notes	30.06.2025	30.06.2024	(euro thousand)	Notes	30.06.2025	30.06.2024
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	11	605,595	345,867	Investments in:
Result before taxes		141,050	211,914	property, plant and equipment	1	(159,912)	(146,582)
Depreciation, amortization and impairment losses	27	138,457	132,594	intangible assets	2	(26,665)	(21,948)
Capital gains/losses		(99)	(222)	financial assets (shareholdings)		(32)	(2,760)
Income/expense from investments	3	(5,359)	(8,135)	Price for disposal or reimbursement value of fixed assets		760	1,003
Financial income/expense	28	16,531	12,804	Amounts (paid)/received for the acquisition/disposal of subsidiaries,
Dividends received	29	0	(11,048)	net of the associated cash and cash equivalents		(358,792)	0
Financial portion of provisions for defined benefits and payables for personnel	16-18	407	573	Interests received		9,415	11,470
Long-term provisions for employee benefits	16	7,303	7,862	Dividends received		5,000	21,048
Other provisions net of utilisations		(7,190)	12,980	Net cash flows from/(for) investing activities		(530,226)	(137,769)
Cash flows generated by operating activities		291,100	359,322	Dividends paid in the period		(95,461)	(95,562)
Current taxes paid		(35,993)	(48,437)	Interests paid	11	(22,708)	(21,874)
Uses of long-term provisions for employee benefits	16	(34,580)	(3,507)	Acquisition of own shares	12	0	(57,456)
(Increase)/reduction in current assets:				Dividends paid to minority shareholders in the period		(960)	(960)
inventories		(19,615)	(52,720)	Change in fair value of derivatives		(2,604)	3,528
financial assets		(707)	(19)	Payment of lease liabilities		(87,346)	(14,436)
trade receivables		(24,464)	(127,598)	Loans and financing granted by banks and other financial institutions in the period	13	260,000	0
receivables from others and other assets		(1,117)	(22,419)	Repayment of long-term loans and other financing		(82,318)	(38,997)
Increase/(reduction) in current liabilities:				Net cash flows from/(for) financing activities		(31,397)	(225,757)
trade payables		(37,068)	23,067	Total cash flows		(467,620)	(240,911)
payables to others and other liabilities		(10,101)	(11,233)	Translation differences on cash and cash equivalents		4,155	(1,974)
Translation differences on net working capital		(33,452)	6,159	CASH AND CASH EQUIVALENTS AT END OF PERIOD	11	142,130	102,982
Net cash flows from/(for) operating activities		94,003	122,615

24

11,470
21,048
(137,769)
(95,562)
(21,874)
(57,456)
(960)
3,528
(14,436)
O
(38,997)
(225,757)
(240,911)
(1,974)
102,982

	1. Corporate	2. Directors'
Index	Highlights	Report

3.1.5 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Legal reserves

(euro thousand)	Notes	Issued share capital	Statutory reserve	Revaluation reserve	Hedging reserve	Treasury shares	Share premium	Other reserves and retained earnings/ (losses)	Reserve for cumulative translation adjustments	Net result for the period	Group equity	Equity of minority interests	Equity
Balance at 1 January 2024	12	34,728	0	13,369	20,894	(90,425)	26,650	1,783,622	(26,082)	305,039	2,067,795	31,624	2,099,419
Allocation of profit for the previous year								209,378		(209,378)	0	0	0
Payment of dividends										(95,661)	(95,661)	(960)	(96,621)
Acquisition of own shares								(5)			(5)	0	(5)
Other changes								(79)			(79)	0	(79)
Reduction of share capital due to relocation		(27,721)	27,721								0	0	0
Components of comprehensive income:
Effect of actuarial income/(loss) on defined benefit plans	16							874			874	0	874
Fair value measurement of investments	4							31,681			31,681	0	31,681
Effect of hedge accounting (cash flow hedge) of derivatives	13				(4,683)						(4,683)	0	(4,683)
Change in translation adjustment reserve	32								21,395		21,395	253	21,648
Net result for the period										156,293	156,293	1,936	158,229
Balance at 30 June 2024	12	7,007	27,721	13,369	16,211	(90,425)	26,650	2,025,471	(4,687)	156,293	2,177,610	32,853	2,210,463
Balance at 1 January 2025	12	7,007	27,721	13,369	25,007	(90,425)	26,650	1,998,177	24,365	262,603	2,294,474	35,343	2,329,817
Allocation of profit for the previous year								166,942		(166,942)	0	0	0
Payment of dividends										(95,661)	(95,661)	(960)	(96,621)
Other changes		1,790	(1,790)					0			0	0	0
Components of comprehensive income:
Effect of actuarial income/(loss) on defined benefit plans	16							156			156	0	156
Effect actuarial income/(loss) on defined benefit plans, for companies valued using the equity method	3							(98)			(98)	0	(98)
Effect of hedge accounting (cash flow hedge) of derivatives	13				(26,196)						(26,196)	0	(26,196)
Change in translation adjustment reserve	32								(101,550)		(101,550)	(2,907)	(104,457)
Net result for the period										97,851	97,851	2,685	100,536
Balance at 30 June 2025	12	8,797	25,931	13,369	(1,189)	(90,425)	26,650	2,165,177	(77,185)	97,851	2,168,976	34,161	2,203,137

Note: Following the relocation of the Company in the Netherlands, data at 1 January 2024 have been restated.

25

	1. Corporate	2. Directors'
Index	Highlights	Report

3.2 EXPLANATORY NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AT 30 JUNE 2025

FORM AND CONTENT OF THE CONDENSED CONSOLIDATED SIX MONTHLY FINANCIAL REPORT

INTRODUCTION

The Condensed Consolidated Six Monthly Financial Report has been prepared in accordance with the provisions of IAS 34 – Interim Financial Reporting, and has been subjected to a limited audit. In further detail, the Financial Report for the period ended 30 June 2025 has been prepared in condensed form and does not contain all the information and notes required for the consolidated annual financial statements. Consequently, the Report should be read in conjunction with the Consolidated Financial Statements for the year ended 31 December 2024.

The Condensed Consolidated Six Monthly Financial Report comprises the Consolidated Statement of Financial Position, the Consolidated Statement of Income, the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, and these Explanatory Notes; it includes figures at 30 June 2025 of Brembo N.V., the Parent, and of the companies controlled by Brembo N.V. pursuant to IFRS 10.

The Group has prepared the financial statements on the assumption that it will continue as a going concern, in the belief that there is no material uncertainty that might give rise to significant doubt with regard to this assumption. The Directors believe that there is a reasonable expectation that the Group possesses adequate resources to continue to operate in the near future and for a period of no less than 12 months from the reporting date. On 29 July 2025, the Board of Directors approved the

Condensed Consolidated Six Monthly Financial Report and requested that it be made available to the public, within the terms and according to the procedures provided for by applicable laws and regulations.

BASIS OF PREPARATION AND PRESENTATION

The accounting standards adopted to prepare the Condensed Consolidated Six Monthly Financial Report comply with those used to prepare the Consolidated Financial Statements at 31 December 2024, without prejudice to the adoption of the new standards in effect from 1 January 2025. Their adoption had no impact on the information or the amounts indicated in these Financial Statements. The Group did not opt for early adoption of any standard, interpretation or amendment that has been issued but has not entered into force yet.

Amendments to IAS 21 – The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability (issued on 15 August 2023)

These amendments clarify when a currency is considered exchangeable and how to determine the exchange rate when it is not. The amendments also specify the disclosures required when a currency is not exchangeable. These amendments did not have any impact on the Group's Consolidated Financial Statements.

The Condensed Consolidated Six Monthly Financial Report has been prepared on the basis of the half-yearly financial statements at 30 June 2025 drawn up by the Boards of

Directors of the relevant consolidated companies.
Due to the type of business, data included in the Condensed Consolidated Six Monthly Financial Report are not influenced by material seasonal or cyclical effects, compared to full year data.
The Condensed Consolidated Six Monthly Financial Report has been prepared in accordance with the general principle of providing a true and fair presentation of the Group's assets and liabilities, financial position, statement
of income results and cash flows, based on the following general assumptions: going concern, accrual accounting, consistency of presentation, materiality and aggregation,
prohibition of offsetting, and comparative information. The Condensed Consolidated Six Monthly Financial Report is presented in euro, which is the functional currency of the Parent, Brembo N.V., and all amounts are rounded to the nearest thousand unless otherwise indicated.
Preparing financial statements in compliance with the applicable accounting standards requires management to make estimates that may have a significant effect on the
items reported in the accounts. Estimates and associated assumptions are based on historical experience and
other factors that are believed to be reasonable under the current circumstances and given the information available at the reporting date. Actual results may differ from these
estimates. Estimates and associated assumptions are reviewed on an ongoing basis. Revisions of estimates

are recognised in the period in which such estimates are

revised. Management's decisions that have a significant

impact on the financial statements and estimates, and

have a significant risk of material adjustments to the

book value of assets and liabilities in the next accounting

period, are discussed in the notes to the individual financial statement entries.

The main estimates are used to recognise the capitalisation of development costs, recognition of taxes (including the estimate of any tax liabilities associated with tax litigation, underway or that is likely to occur), impairment of non-financial assets and the actuarial assumptions used in the valuation of defined benefit plans. Other estimates relate to provisions for contingencies, product warranties, inventory obsolescence, useful lives of certain assets, the designation of lease contracts and the determination of the fair value of financial instruments, including derivatives. It should also be noted that certain measurement processes, particularly the most complex ones such as the determination of any impairment of non-current assets, are typically carried out in full only during preparation of the Annual Financial Statements, when all necessary information is available, unless impairment indicators require immediate analysis. Actuarial evaluations necessary to determine net employee benefits are conducted in complete form when preparing the Annual Financial Statements and in simplified form when preparing the Condensed Six Monthly Financial Report.

CONSOLIDATION AREA

The list of consolidated subsidiaries, associates and joint ventures that are accounted for using the equity method, along with information regarding their registered offices and the percentage of share capital held, is included in the paragraph "Information About the Group" of these Explanatory Notes.

26

Compared to the first half of 2024, the following corporate transactions impacting the Group's consolidation area were performed:

• in July 2024, a new entity named Brembo Australia Pty. Ltd., fully owned by Brembo N.V. was established. The company carries out marketing activities within the Australian market for the aftermarket only.
• In August 2024, a new entity named Brembo France Sas, fully owned by Brembo N.V. was established. It deals with promoting the sale of car brake discs for the aftermarket only.
• In April 2025, Brembo, through its new entity Brembo (Shanghai) AI Technology Co. Ltd., inaugurated its first Brembo Inspiration Lab in Asia, located in Shanghai. The Brembo Inspiration Lab will focus on advancing the company's capabilities in software development, artificial intelligence applications and data science
• Following the agreement signed on 11 October 2024, on 2 January 2025 Brembo completed the acquisition of a 100% stake in Öhlins, the leading manufacturer of premium, high-performance suspension technology for motorbikes and cars. The acquisition of Öhlins enables the Group to expand its offerings for the automotive market, to enhance its role as a provider of integrated, intelligent solutions to its customers and it further strengthens the Group's brand portfolio.

The total consideration for the transaction was €366 million, paid using available liquidity. The amount includes also the post closing price adjustment, determined accordingly to the contractual agreement and equal to €4 million.

The transaction was accounted for using the acquisition method and the Consolidated Financial Statements include the result of Öhlins Group from 1 January 2025.

The breakdown of the acquisition date fair value of the Öhlins Group assets and liabilities is as follows:

Net assets (euro thousand)	Acquisition date fair value
Property, plant and equipment	14,048
Intangible assets	178,975
Other receivables and non-current liabilities	866
Inventories	20,547
Trade receivables	20,444
Other receivables and current assets	2,426
Cash and cash equivalents	7,245
Trade payables	(9,116)
Other payables and current liabilities	(21,108)
Provisions/deferred taxes	(37,005)
Medium/long-term financial debt	(5,456)
Short-term financial debt	(1,662)
Total net assets measured at fair value	170,204
Group equity (100% of net assets)	(170,204)
Consideration agreed	366,038
Goodwill arising from acquisition	195,834
	Cash flows at acquisition
Subsidiary's net cash and cash equivalents	7,245
Amount paid	(366,038)

Net cash flows at acquisition	(358,793)

fair value	The fair value of trade receivables (€20,444 thousand) and Other receivables (€2,426 thousand) equals to their gross contractual amount, represents the value that is expected to be received from these receivables. Recognised goodwill is attributable to the synergies and other economic benefits generated by the integration of the commercial activities and transactions of Öhlins into the Brembo Group. With regard to intangible assets, identified using the acquisition method, fair value was measured based on the methods commonly used for this purpose by international valuation practices (i.e. the relief from royalty method applied to value technology and trademark and the multi period excess earnings method applied to customer relationships). The useful life of technology is estimated at 10 years and that of the customer relationships at 15 years,	liabilities. one (euro).	€51,117 thousand.	while trademark has an indefinite useful life. According to the purchase agreement, there are no contingent In the purchase price allocation process, customer relationships have been valued at €84,622 thousand, technology at €43,236 thousand and trademark at Sales generated by Öhlins Group in the first semester of 2025 amounted to €71,686 thousand (accounted in racing applications) and net income to €4,532 thousand. The following table shows the exchange rates used in the translation of six monthly accounting statements denominated in currencies other than the functional
		Exchange	Average exchange	Trading price high	Trading price low
		rate 2025	rate 2025	for the period	for the period
	U.S. Dollar	1.172000	1.093020	1.1720	1.0198
	Japanese Yen	169.170000	162.085525	169.2700	156.5000
	Swedish Krona	11.146500	11.093265	11.5125	10.7205

	Exchange rate 2025	Average exchange rate 2025	Trading price high for the period	Trading price low for the period
U.S. Dollar	1.172000	1.093020	1.1720	1.0198
Japanese Yen	169.170000	162.085525	169.2700	156.5000
Swedish Krona	11.146500	11.093265	11.5125	10.7205
Danish Krone	7.460900	7.460710	7.4690	7.4581
Polish Zloty	4.242300	4.230947	4.2953	4.1308
Czech Koruna	24.746000	25.001217	25.2940	24.7460
Mexican Peso	22.089900	21.809343	23.1597	21.0093
Pound Sterling	0.855500	0.842318	0.8668	0.8253
Brazilian Real	6.438400	6.290891	6.6875	5.9526
Indian Rupee	100.560500	94.094693	100.5605	88.3335
Chinese Renminbi	8.397000	7.926027	8.3970	7.4500
Russian Rouble	91.150000	95.013806	114.9765	90.0888
Swiss Franc	0.934700	0.941356	0.9641	0.9242
Thai Baht	38.125000	36.624123	38.1840	34.9150
Australian Dollar	1.794800	1.723333	1.8391	1.6382

27

SEGMENT REPORT

Based on the IFRS 8 definition, an operating segment is a component of an entity:

• that engages in business activities from which it may earn revenues and incur expenses;
• whose operating results are reviewed regularly by the entity's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance; and
• for which discrete financial information is available.

In light of such definition, the Brembo Group's operating segments are: Discs, Systems, Motorbikes, Performance Group, Aftermarket and Suspensions.

Each Director reports to the top management and periodically discusses with them operating activities, financial statements results, forecasts or plans.

The Group thus aggregated the operating segments as follows for the purposes of financial reporting:

• Discs Systems Motorbikes;
• Aftermarket Performance Group Suspensions.

The segments that are included in each aggregate are similar in terms of:

• the nature of products (braking systems);
• the nature of production processes (melting process, subsequent processing for finishing and assembly);
• the type of customers (manufacturers for Group 1 and distributors for Group 2);
• the methods used to distribute the products (targeted to manufacturers for Group 1 and through distribution chains for Group 2);
• the economic characteristics (gross manufacturing margin percentage for Group 1 and gross operating income for Group 2).

Transfer prices applied to transactions between segments for the exchange of goods and services are settled according to usual market conditions.

In light of the requirements of IFRS 8 in terms of revenues earned from major customers, where a single customer is defined as all companies that belong to a given Group, Brembo had one customer in the first half of 2025 that accounted for over 10% of consolidated net revenues; also considering the individual car manufacturers that compose such group, none of the single car manufacturers comprising such groups exceeded this threshold.

The following table shows segment information on operating data at 30 June 2025 and 30 June 2024:

(euro thousand)

	Total	Aftermarket/Performance Discs/Systems/Motorbikes Group/Suspensions			Interdivision		Non-segment data
(euro thousand)	30.06.2025	30.06.2024	30.06.2025	30.06.2024	30.06.2025	30.06.2024	30.06.2025	30.06.2024	30.06.2025	30.06.2024
Sales	1,933,547	2,039,442	1,493,280	1,675,069	497,501	398,472	(7,206)	(4,211)	(50,028)	(29,888)
Allowances and discounts	(58,442)	(53,831)	(7,795)	(6,852)	(52,565)	(48,369)	0	0	1,918	1,390
Net sales	1,875,105	1,985,611	1,485,485	1,668,217	444,936	350,103	(7,206)	(4,211)	(48,110)	(28,498)
Transport costs	14,686	14,472	8,020	8,253	6,660	6,194	0	0	6	25
Variable production costs	1,150,073	1,252,314	942,520	1,071,686	259,469	210,080	(7,124)	(4,196)	(44,792)	(25,256)
Contribution margin	710,346	718,825	534,945	588,278	178,807	133,829	(82)	(15)	(3,324)	(3,267)
Fixed production costs	282,173	280,983	253,759	262,345	27,290	17,585	0	0	1,124	1,053
Production gross operating income	428,173	437,842	281,186	325,933	151,517	116,244	(82)	(15)	(4,448)	(4,320)
BU personnel costs	163,211	143,940	82,069	81,571	65,690	47,655	(82)	(15)	15,534	14,729
BU gross operating income	264,962	293,902	199,117	244,362	85,827	68,589	0	0	(19,982)	(19,049)
Costs for Central Functions	110,163	97,584	74,200	73,306	18,623	11,356	0	0	17,340	12,922
Operating income (loss)	154,799	196,318	124,917	171,056	67,204	57,233	0	0	(37,322)	(31,971)
Extraordinary costs and revenues	5,044	4,022	0	0	0	0	0	0	5,044	4,022
Financial costs and revenues	(22,173)	(7,557)	0	0	0	0	0	0	(22,173)	(7,557)
Income (expense) from investments	5,359	8,135	0	0	0	0	0	0	5,359	8,135
Non-operating costs and revenues	(1,979)	10,996	0	0	0	0	0	0	(1,979)	10,996
Result before taxes	141,050	211,914	124,917	171,056	67,204	57,233	0	0	(51,071)	(16,375)
Taxes	(40,514)	(53,685)	0	0	0	0	0	0	(40,514)	(53,685)
Result before minority interests	100,536	158,229	124,917	171,056	67,204	57,233	0	0	(91,585)	(70,060)
Minority interests	(2,685)	(1,936)	0	0	0	0	0	0	(2,685)	(1,936)
Net result	97,851	156,293	124,917	171,056	67,204	57,233	0	0	(94,270)	(71,996)
Group EBITDA	280,856	313,933	231,953	278,982	82,135	63,864	0	0	(33,232)	(28,913)

28

A reconciliation between the Consolidated Six Monthly Financial Report data and the above operating data is provided below:

(euro thousand)	30.06.2025	30.06.2024
Revenue from contracts with customers	1,880,969	2,004,835
Scrap sales (in the segment report they are subtracted from "Variable production costs")	(11,557)	(14,507)
Differences between internal and statutory reports relating to developments activities	72	(5,969)
Capital gains on sale of equipment (in the Consolidated Financial Statements they are included in "Other revenues and income")	242	660
Effect of adjustment of transactions among consolidated companies	329	130
Miscellaneous recharges (in the Consolidated Financial Statements they are included in "Other revenues and income")	524	1,283
Other	4,526	(821)
Net sales	1,875,105	1,985,611

Segment information on Statement of Financial Position

(euro thousand)	30.06.2025	30.06.2024	Segment information on Statement of Financial Position
NET OPERATING INCOME	162,436	218,826	data at 30 June 2025 and 31 December 2024 is provided in the following table:
Differences between internal and statutory reports relating to development activities	(4,178)	(7,794)					Discs/Systems/		Aftermarket/ Performance Group/
Other differences between			(euro thousand)		Total		Motorbikes		Suspensions 30.06.2025 31.12.2024 30.06.2025 31.12.2024 30.06.2025 31.12.2024 30.06.2025 31.12.2024 30.06.2025 31.12.2024	Interdivision			Non-segment data
internal and statutory reports	2,749	(5,052)
Income (expense) from non-financial investments	(5,256)	(8,129)	Tangible assets Intangible assets	573,760	202,413	1,768,133 1,774,996 1,589,607 1,619,178 166,562	176,871	125,932 399,835	103,349 20,797	0 0	5 0	52,594 7,363	52,464 4,745
Claim compensation and subsidies	(1,737)	(2,439)	Financial assets and other non-current assets/liabilities	48,625	52,700	205	548	0	0	0	0	48,420	52,152
Capital gain/losses on disposal			Total fixed assets (A)			2,390,518 2,030,109 1,756,374 1,796,597		525,767	124,146	0	5	108,377	109,361
assets (in the segment report they are included in "Non			Inventories	685,537	638,015	450,534	451,945	234,094	185,198	0	0	909	872
operating costs and revenues")	143	370	Current assets	783,175	725,166	513,486	558,720	188,385	92,114	(26,509)	(35,612)	107,813	109,944
Different classification of banking			Current liabilities				(924,038) (945,102) (502,465) (564,310) (198,164) (172,423)			26,509		35,612 (249,918) (243,981)
expenses (in the segment report they are included in "Financial costs and revenues")	681	640	Provisions for contingencies and charges and other
Other	(39)	(104)	provisions	(19,760)	(23,847)	(179)	(143)	0	0	0	0	(19,581)	(23,704)
OPERATING RESULT	154,799	196,318	Net working capital (B)	524,914	394,232	461,376	446,212	224,315	104,889	0		0 (160,777) (156,869)
			NET INVESTED OPERATING CAPITAL (A + B)			2,915,432 2,424,341 2,217,750 2,242,809		750,082	229,035	0		5 (52,400) (47,508)
The breakdown of Group sales by geographical area of destination and by application is provided in the Directors'			Extraordinary components	242,752	313,185	0	0	0	0	0	0	242,752	313,185
Report on Operations.			NET INVESTED CAPITAL			3,158,184 2,737,526 2,217,750 2,242,809		750,082	229,035	0	5	190,352	265,677
			Total Group equity		2,168,976 2,294,474	0	0	0	0	0		0 2,168,976 2,294,474
			Total Minority interests	34,161	35,343	0	0	0	0	0	0	34,161	35,343
			Equity (D)		2,203,137 2,329,817	0	0	0	0	0		0 2,203,137 2,329,817
			Provisions for employees benefits (E)	19,505	47,356	0	0	0	0	0	0	19,505	47,356
			Medium-/long-term net financial debt	888,143	715,274	0	0	0	0	0	0	888,143	715,274
			Short-term net financial debt		47,399 (354,921)	0	0	0	0	0	0		47,399 (354,921)
			Net financial debt (F)	935,542	360,353	0	0	0	0	0	0	935,542	360,353
			COVERAGE (D + E + F)		3,158,184 2,737,526	0	0	0	0	0		0 3,158,184 2,737,526

Note: following an in-depth analysis, data at 31 December 2024 have been restated.

29

	1. Corporate
Index	Highlights

2. Directors' Report

The following should be noted in regard to the nonsegment data:

• intangible assets mainly consist of development costs;
• financial assets mainly refer to the value of shareholdings in associates or other companies;
• current assets and liabilities mainly consist of trade receivables and payables;
• provisions for contingencies and charges and other provisions are not allocated.

FINANCIAL RISK MANAGEMENT

The Brembo Group is exposed to market, commodity, liquidity and credit risks, all of which are tied to the use of financial instruments. For a description of each type of risk, please refer to the Consolidated Financial Statements for the year ended 31 December 2024, as no significant changes have occurred in the reporting period.

Financial risk management is the responsibility of the central Treasury & Credit Department of Brembo N.V., which, together with the Group Finance Department, evaluates the main financial transactions and the related hedging policies.

Fair Value Measurement

With regard to the disclosure on financial risks, the following information is provided:

a) the fair value hierarchy for the Group's assets and liabilities:

	30.06.2025					31.12.2024
(euro thousand)	Level 1	Level 2	Level 3	Total	Level 1	Level 2	Level 3	Total
Financial assets measured at fair value through profit or loss:
Current derivatives	0	1,907	0	1,907	0	91	0	91
Hedging derivatives:
Current derivatives	0	3,710	0	3,710	0	23,894	0	23,894
Non-current derivatives	0	2,997	2,027	5,024	0	4,565	4,433	8,998
Total financial assets measured at fair value	0	8,614	2,027	10,641	0	28,550	4,433	32,983
Financial liabilities measured at fair value:
Current derivatives	0	(755)	0	(755)	0	(1,598)	0	(1,598)
Hedging derivatives:
Current derivatives	0	(746)	0	(746)	0	(9)	0	(9)
Non-current derivatives	0	(204)	(5,743)	(5,947)	0	(302)	(2,272)	(2,574)
Total financial liabilities measured at fair value	0	(1,705)	(5,743)	(7,448)	0	(1,909)	(2,272)	(4,181)
Assets (liabilities) for which fair value is indicated:
Current and non-current payables to banks		0 (934,436)		0 (934,436)		0 (757,028)		0 (757,028)
Current and non-current lease liabilities		0 (170,269)		0 (170,269)		0 (238,492)		0 (238,492)
Other current and non-current financial liabilities	0	(285)	0	(285)	0	(700)	0	(700)
Total assets (liabilities) for which fair value is indicated		0 (1,104,990)		0 (1,104,990)		0 (996,220)		0 (996,220)

b) a reconciliation between the classes of financial assets and liabilities identified in the Group's Statement of Financial Position and the types of financial assets and liabilities identified based on the requirements of IFRS 7:

(euro thousand)	30.06.2025	31.12.2024
Financial assets
Financial assets at fair value through profit or loss
Current derivatives	1,907	91
Financial assets at amortised cost
Other non-current receivables	49,834	53,197
Current trade receivables	678,513	631,395
Other current receivables	102,791	94,533
Cash and cash equivalents	440,750	867,216
Financial assets measured at fair value through other comprehensive income (FVOCI)
Other financial assets at fair value through other comprehensive income	914	914
Hedging derivatives
Current derivatives	3,710	23,894
Non-current derivatives	5,024	8,998
Total financial assets	1,283,443	1,680,238

Financial liabilities

Financial liabilities at fair value through profit or loss
Current derivatives	(755)	(1,598)
Financial liabilities measured at amortised cost
Non-current payables to banks and other financial institutions (excluding lease payables)	(741,710)	(574,391)
Other non-current payables	(3,006)	(2,793)
Current payables to banks and other financial institutions (excluding lease payables)	(473,159)	(425,839)
Trade payables	(669,622)	(697,574)
Other current payables	(168,768)	(166,576)
Lease payables
Long-term lease liabilities	(149,226)	(145,146)
Current lease payables	(21,043)	(93,346)
Hedging derivatives
Non-current derivatives	(5,947)	(2,574)
Current derivatives	(746)	(9)
Total financial liabilities	(2,233,982)	(2,109,846)

The approach used to calculate fair value is the present value of the future cash flows expected to derive from the instrument being measured, determined by discounting the scheduled instalments at a rate equal to the forward rate curve applicable to each account payable. In detail:

• loans and payables to other lenders with a duration of more than 12 months were measured at fair value determined by applying the forward rates curve to the residual duration of the loan;
• receivables, trade payables, held-to-maturity financial assets, payables and receivables to and from banks due within 12 months were measured at their carrying amounts, inasmuch as this is believed to approximate fair values;
• the fair value of derivatives was determined on the basis of valuation techniques that take into account market parameters other than the prices of the financial instrument.

RELATED PARTIES

The Group carries out transactions with parents, subsidiaries, associates, joint ventures, directors, key management personnel and other related parties. The Parent Brembo N.V. is a subsidiary of Nuova FourB S.r.l., which holds 81.31% of voting rights. Brembo did not engage in dealings with its parent in 2025, except for the dividend distribution.

Sales of products, supply of services and the transfer of fixed assets between Group companies were carried out at prices reflecting fair market conditions. The trading volumes reflect the internationalization process aimed at constantly improving both operating and organizational standards and optimising synergies within the Company. From a financial standpoint, the subsidiaries operate independently, although some benefit from various forms of centralized financing. Since 2008, a zero-balance cashpooling system has been effective, with Brembo N.V. as the pool leader. In 2013, an additional cash pooling arrangement was put in place, denominated in CNY, with Brembo Nanjing Brake Systems Co. Ltd. as pooler and Brembo Nanjing Automobile Components Co. Ltd., Qingdao Brembo Trading Co. Ltd., Brembo Huilian (Langfang) Brake Systems Co. Ltd., Jiaxing Ciju Control Systems Co. Ltd. and Brembo (Shanghai) AI Technology Co. Ltd. The cash pooling is entirely based in China, and Citibank China is the service provider.

The following table provides a summary of related party transactions with reference to balances of the Statement of Financial Position and Statement of Income:

				30.06.2025			31.12.2024
(euro thousand)	Carrying value	Total	Key management personnel	Other companies	Joint ventures	Associates	%	Carrying value	Total	Key management personnel	Other companies	Joint ventures	Associates	%
a) Weight of transactions or positions with related parties on items of the Statement of Financial Position
Other non-current financial assets	3,272	539	0	539	0	0	16.5%	2,565	0	0	0	0	0	0.0%
Trade receivables	679,142	2,822	7	0	2,568	247	0.4%	631,395	2,400	7	5	2,297	91	0.4%
Employee benefits	19,505	69	(1,581)	1,650	0	0	0.4%	47,356	(11,377)	(13,085)	1,708	0	0	-24.0%
Trade payables	669,622	(19,817)	(31)	(264)	(19,370)	(152)	-3.0%	697,574	(14,594)	0	(422)	(13,855)	(317)	-2.1%
Other current liabilities	168,768	(3,193)	(3,066)	0	(127)	0	-1.9%	166,576	(4,678)	(4,548)	0	(130)	0	-2.8%
				30.06.2025							30.06.2024
b) Weight of transactions or positions with related parties on items of the Statement of Income
Revenue from contracts with customers	1,880,969	865	0	0	842	23	0.0%	2,004,835	238	0	0	238	0	0.0%
Other revenues and income	12,090	2,681	14	206	2,314	147	22.2%	11,264	2,285	14	6	2,151	114	20.3%
Raw materials, consumables and goods	(832,318)	(53,646)	0	(3)	(53,634)	(9)	6.4%	(915,956)	(52,224)	0	(10)	(52,195)	(19)	5.7%
Income (expense) from non-financial investments	5,256	5,256	0	0	5,256	0	100.0%	8,129	17,044	0	0	17,044	0	100.0%
Other operating costs	(387,657)	(5,049)	(3,072)	(582)	(1,233)	(162)	1.3%	(400,889)	(5,564)	(3,564)	(828)	(1,036)	(136)	1.4%
Personnel expenses	(393,060)	(2,850)	(3,103)	253	0	0	0.7%	(371,414)	(3,133)	(3,077)	(56)	0	0	0.8%
Net interest income (expense)	(21,489)	67	(35)	0	(1)	103	-0.3%	(17,966)	(18)	(97)	0	(1)	80	0.1%
Interest income (expense) from investments	103	0	0	0	0	0	0.0%	11,054	11,048	0	11,048	0	0	99.9%

32

Index 1. Corporate Highlights 2. Directors' Report

INFORMATION ABOUT THE GROUP

The list of equity investments included in the Condensed Consolidated Six Monthly Financial Report as at 30 June 2025 is reported here below:

Company	Headquarters		Share capital		Stake held by group companies	Company	Headquarters			Share capital	Stake held by group companies
Brembo N.V.	Bergamo	Italy	Eur	8,796,873		Qingdao Brembo Trading Co. Ltd.	Qingdao	China	Cny		1,365,700 100% Brembo N.V.
AP Racing Ltd.	Coventry	United	Gbp		135,935 100% Brembo N.V.	Brembo (Nanjing) Automobile	Nanjing	China	Cny	226,565,500	60% Brembo N.V.
		Kingdom				Components Co. Ltd.					40% Brembo Brake India Pvt. Ltd.
AP Racing North America Corp.	Huntersville, North Carolina USA		Usd		300,000 100% AP Racing Ltd.	SBS Friction A/S	Svendborg	Denmark	Dkk	12,001,000	60% Brembo N.V.
Brembo Australia Pty Ltd.	Melbourne	Australia	Aus		300,000 100% Brembo N.V.						40% Brembo Brake India Pvt. Ltd.
Brembo Czech S.r.o.	Ostrava-Hrabová	Czech Republic	Czk		605,850,000 100% Brembo N.V.	Brembo México S.A. de C.V.	Apodaca	Mexico	Usd	20,428,836	49% Brembo N.V.
Brembo Deutschland GmbH	Leinfelden-Echterdingen	Germany	Eur		25,000 100% Brembo N.V.						51% Brembo North America Inc.
Brembo France SAS	Paris	France	Eur		50,000 100% Brembo N.V.	Brembo Brake India Pvt. Ltd.	Pune	India	Inr		140,000,000 99.99% Brembo N.V.
Brembo Inspiration Lab Corp.	Sunnyvale, California	USA	Usd		300,000 100% Brembo N.V.	Brembo do Brasil Ltda.	Betim	Brazil	Brl		159,136,227 99.99% Brembo N.V.
Brembo Japan Co. Ltd.	Tokyo	Japan	Jpy		11,000,000 100% Brembo N.V.	Brembo Thailand Ltd.	Rayong	Thailand	Thb		273,280,000 99.99% Brembo N.V.
Brembo Nanjing Brake Systems Co. Ltd.	Nanjing	China	Cny		492,030,169 100% Brembo N.V.	Corporación Upwards '98 S.A.	Zaragoza	Spain	Eur	498,043	68% Brembo N.V.
Brembo North America Inc.	Plymouth, Michigan	USA	Usd		33,798,805 100% Brembo N.V.	Brembo Huilian (Langfang) Brake Systems Co. Ltd.	Langfang	China	Cny	170,549,133	66% Brembo N.V.
Brembo Poland Spolka Zo.o.	Dąbrowa Górnizca	Poland	Pln		144,879,500 100% Brembo N.V.	Shandong BRGP Friction Technology Co. Ltd. Jinan		China	Cny	124,900,000	50% Brembo N.V.
Brembo Poland Manufacturing Sp.Zo.o.	Dąbrowa Górnizca	Poland	Pln		50,000,000 100% Brembo Poland Spolka Zo.o.	Brembo SGL Carbon Ceramic Brakes S.p.A.	Stezzano	Italy	Eur	4,000,000	50% Brembo N.V.
Brembo Poland Heratech Sp. Zo.o.	Dąbrowa Górnizca	Poland	Pln		5,000 100% Brembo Poland Spolka Zo.o.	Brembo SGL Carbon Ceramic Brakes GmbH Meitingen		Germany	Eur		25,000 100% Brembo SGL Carbon Ceramic
Brembo Reinsurance AG	Zürich	Switzerland Eur			6,148,533 100% Brembo N.V.						Brakes S.p.A.
Brembo Russia LLC	Moscow	Russia	Rub		1,250,000 100% Brembo N.V.	Infibra Technologies S.r.l.	Pisa	Italy	Eur	53,133	20% Brembo N.V.
Brembo (Shanghai) AI Technology Co. Ltd.	Shanghai	China	Cny		1,200,000 100% Brembo N.V.	Petroceramics S.p.A.	Stezzano	Italy	Eur	123,750	20% Brembo N.V.
Brembo Scandinavia A.B.	Göteborg	Sweden	Sek		4,500,000 100% Brembo N.V.
J.Juan S.A.U.	Barcelona	Spain	Eur		150,260 100% Brembo N.V.
Jiaxing Ciju Control Systems Co. Ltd.	Jiaxing	China	Cny		16,309,640 100% J.Juan S.A.U.	COMMITMENTS					SIGNIFICANT EVENTS AFTER 30 JUNE 2025
La.Cam (Lavorazioni Camune) S.r.l.	Stezzano	Italy	Eur		100,000 100% Brembo N.V.	Contractual commitments for investments in property,					No significant events occurred after the end of the first
Öhlins Intressenter AB	Upplands Väsby	Sweden	Sek		16,842,100 100% Brembo N.V.	plant and equipment and intangible assets already				half of the year and up to 29 July 2025.
Öhlins Racing AB	Upplands Väsby	Sweden	Sek		4,250,000 100% Öhlins Intressenter AB	entered into with third parties at 30 June 2025 and not yet
Öhlins Asia Co. Ltd.	Chonburi	Thailand	Thb		22,500,000 100% Öhlins Racing AB	recognised in the Condensed Consolidated Six Monthly Financial Report amounted to approximately €453 million.
Öhlins USA Inc.	Hendersonville, North Carolina	USA	Usd		1,035,000 100% Öhlins Racing AB

SIGNIFICANT EVENTS AFTER 30 JUNE 2025

33

ANALYSIS OF EACH ITEM

STATEMENT OF FINANCIAL POSITION

1. PROPERTY, PLANT, EQUIPMENT AND RIGHT OF USE ASSETS

Property, plant and equipment

The changes in property, plant and equipment are shown in the table below and described in this section.

(euro thousand)	Land	Buildings	Plant and machinery	Industrial and commercial equipment	Other assets	Assets in course of construction and payments on account	Total	(euro thousand)	Land	Buildings	Plant and machinery	Industrial and commercial equipment	Other assets	Assets in course of construction and payments on account	Total
Historical cost	58,243	569,758	1,922,562	326,205	89,442	233,023	3,199,233	Write-down provision	0	(176)	(2,282)	(3,636)	(11)	(288)	(6,393)
Accumulated depreciation	0	(204,816)	(1,295,852)	(270,036)	(68,205)	0	(1,838,909)	Balance at 1 January 2025	59,950	402,825	620,299	60,300	23,474	375,487	1,542,335
Write-down provision	0	(176)	(1,927)	(4,299)	(7)	(367)	(6,776)	Changes:
Balance at 1 January 2024	58,243	364,766	624,783	51,870	21,230	232,656	1,353,548	Translation differences	(2,824)	(23,777)	(23,994)	(1,022)	(1,447)	(20,464)	(73,528)
Changes:								Change in consolidation area	0	1,486	3,340	548	722	785	6,881
Translation differences	764	5,731	6,389	108	145	3,171	16,308	Reclassifications	0	6,763	40,553	2,219	2,667	(52,241)	(39)
Reclassifications	(1)	28,075	48,597	6,577	2,868	(91,164)	(5,048)	Additions	1,291	6,648	17,443	7,795	1,138	125,597	159,912
Additions	140	2,806	27,313	7,424	2,600	106,299	146,582	Disposals	0	0	(346)	(109)	(32)	(174)	(661)
Disposals	0	(11)	(732)	(6)	(32)	0	(781)	Other	21,602	48,760	0	(1,499)	0	0	68,863
Depreciation	0	(10,957)	(73,491)	(11,116)	(3,312)	0	(98,876)	Depreciation	0	(12,250)	(73,105)	(11,905)	(3,828)	0	(101,088)
Impairment losses	0	0	(941)	0	0	(80)	(1,021)	Impairment losses	0	0	(22)	(17)	0	(15)	(54)
Total changes	903	25,644	7,135	2,987	2,269	18,226	57,164	Total changes	20,069	27,630	(36,131)	(3,990)	(780)	53,488	60,286
Historical cost	59,146	608,028	2,005,253	338,999	94,688	251,252	3,357,366	Historical cost	80,019	665,115	2,044,330	358,582	102,016	429,265	3,679,327
Accumulated depreciation	0	(217,442)	(1,371,391)	(279,843)	(71,182)	0	(1,939,858)	Accumulated depreciation	0	(234,484)	(1,458,491)	(297,124)	(79,286)	0	(2,069,385)
Write-down provision	0	(176)	(1,944)	(4,299)	(7)	(370)	(6,796)	Write-down provision	0	(176)	(1,671)	(5,148)	(36)	(290)	(7,321)
Balance at 30 June 2024	59,146	390,410	631,918	54,857	23,499	250,882	1,410,712	Balance at 30 June 2025	80,019	430,455	584,168	56,310	22,694	428,975	1,602,621
Historical cost	59,950	634,963	2,064,611	356,109	98,273	375,775	3,589,681
Accumulated depreciation	0	(231,962)	(1,442,030)	(292,173)	(74,788)	0	(2,040,953)	In the first half of 2025, investments in tangible fixed						amounted to €101,088 thousand (€98,876 thousand at 30

assets amounted to €159,912 thousand, including €125,597 thousand in fixed assets in course of construction, mainly made in North America, Italy and Poland.

Net disposals amounted to €661 thousand and refer to the normal cycle of machinery replacement, as it becomes unusable in production processes.

Total depreciation charges for the first half of 2025

amounted to €101,088 thousand (€98,876 thousand at 30 June 2024).

The item "other" mainly refers to the purchase of the building in Stezzano previously held on lease. The item "change in consolidation area" is attributable to the consolidation of Öhlins into the Group.

Right of use assets

The following table shows the movements in item "Right of use assets":

(euro thousand)	Land	Buildings	Plant and machinery	Other assets	Total
Historical cost	4,648	222,769	441	32,495	260,353
Accumulated depreciation	(594)	(68,276)	(399)	(21,753)	(91,022)
Balance at 1 January 2024	4,054	154,493	42	10,742	169,331
Changes:
Translation differences	39	(269)	(1)	61	(170)
Reclassification from leased assets to property, plant and equipment	0	0	0	(29)	(29)
New contracts/leases for the period	270	13,102	0	5,388	18,760
Unwinding of lease contract	0	(3)	(11)	5	(9)
Depreciation	(47)	(8,878)	(56)	(3,782)	(12,763)
Total changes	262	3,952	(68)	1,643	5,789
Historical cost	4,962	235,694	441	33,134	274,231
Accumulated depreciation	(646)	(77,249)	(467)	(20,749)	(99,111)
Balance at 30 June 2024	4,316	158,445	(26)	12,385	175,120
Historical cost	15,388	285,630	0	36,320	337,338
Accumulated depreciation	(823)	(81,235)	0	(22,619)	(104,677)
Balance at 1 January 2025	14,565	204,395	0	13,701	232,661
Changes:
Translation differences	(967)	(2,881)	0	(398)	(4,246)
Change in consolidation area	0	6,583	0	582	7,165
Reclassification from leased assets to property, plant and equipment	0	(70,362)	0	0	(70,362)
New contracts/leases for the period	0	11,083	0	2,843	13,926
Unwinding of lease contract	0	(24)	0	(230)	(254)
Depreciation	(378)	(9,268)	0	(3,732)	(13,378)
Total changes	(1,345)	(64,869)	0	(935)	(67,149)
Historical cost	14,336	201,651	0	31,469	247,456
Accumulated depreciation	(1,116)	(62,125)	0	(18,703)	(81,944)
Balance at 30 June 2025	13,220	139,526	0	12,766	165,512

3. Consolidated Financial Statements
Brembo N.V. decreased the right of use of its own property in Stezzano following the decision to proceed with the purchase of the same.
The item "change in consolidation area" is attributable to the consolidation of Öhlins into the Group.

35

2. INTANGIBLE ASSETS (DEVELOPMENT COSTS, GOODWILL AND OTHER INTANGIBLE ASSETS)

The changes in this item are shown in the table below and described in this section.

(euro thousand)	Development costs	Goodwill (A)	Intangible assets with indefinite useful lives (B)	Sub-total (A + B)	Industrial patents, trademarks and similar rights (C)	Other intangible assets (D)	Total other intangible assets (C + D)	Total	(euro thousand)	Development costs	Goodwill (A)	Intangible assets with indefinite useful lives (B)	Sub-total (A + B)	Industrial patents, trademarks and similar rights (C)	Other intangible assets (D)	Total other intangible assets (C + D)	Total
Historical cost	315,056	120,203	11,305	131,508	51,252	203,754	255,006	701,570	Historical cost	347,969	124,164	11,317	135,481	53,389	219,205	272,594	756,044
Accumulated amortisation	(201,631)	0	0	0	(38,410)	(137,277)	(175,687)	(377,318)	Accumulated amortisation	(227,427)	0	0	0	(40,696)	(149,874)	(190,570)	(417,997)
Write-down provision	(9,002)	(11,927)	(2)	(11,929)	(2,589)	0	(2,589)	(23,520)	Write-down provision	(11,530)	(12,501)	(2)	(12,503)	(2,589)	0	(2,589)	(26,622)
Balance at 1 January 2024	104,423	108,276	11,303	119,579	10,253	66,477	76,730	300,732	Balance at 1 January 2025	109,012	111,663	11,315	122,978	10,104	69,331	79,435	311,425
Changes:									Changes:
Translation differences	324	1,477	2	1,479	7	261	268	2,071	Translation differences	(1,009)	(2,130)	1,395	(735)	5	1,634	1,639	(105)
Reclassifications	(2)	0	0	0	323	(298)	25	23	Change in consolidation area	2,817	195,835	51,117	246,952	0	125,040	125,040	374,809
Additions	15,520	0	0	0	544	5,884	6,428	21,948	Reclassifications	0	0	0	0	591	(773)	(182)	(182)
Amortisation	(11,829)	0	0	0	(1,158)	(5,149)	(6,307)	(18,136)	Additions	15,464	220	0	220	613	10,368	10,981	26,665
Impairment losses	(1,798)	0	0	0	0	0	0	(1,798)	Other	0	0	0	0	6	0	6	6
Total changes	2,215	1,477	2	1,479	(284)	698	414	4,108	Amortisation	(11,189)	0	0	0	(1,234)	(11,340)	(12,574)	(23,763)
Historical cost	331,670	121,999	11,307	133,306	52,139	210,015	262,154	727,130	Impairment losses	(174)	0	0	0	0	0	0	(174)
Accumulated amortisation	(214,231)	0	0	0	(39,580)	(142,840)	(182,420)	(396,651)	Total changes	5,909	193,925	52,512	246,437	(19)	124,929	124,910	377,256
Write-down provision	(10,801)	(12,246)	(2)	(12,248)	(2,590)	0	(2,590)	(25,639)	Historical cost	362,469	317,704	63,829	381,533	54,102	352,687	406,789	1,150,791
Balance at 30 June 2024	106,638	109,753	11,305	121,058	9,969	67,175	77,144	304,840	Accumulated amortisation	(235,843)	0	0	0	(41,428)	(158,427)	(199,855)	(435,698)
									Write-down provision	(11,705)	(12,116)	(2)	(12,118)	(2,589)	0	(2,589)	(26,412)
									Balance at 30 June 2025	114,921	305,588	63,827	369,415	10,085	194,260	204,345	688,681

Development costs

The item "Development costs" includes costs for development, internal and external, for a gross historical cost of €362,469 thousand. They refer to development projects — of which the Group regularly monitors the progress and profitability perspectives —, agreed upon with end customers and confirmed, that at the reporting date have neither been suspended or cancelled. During the reporting period, this item changed due to higher costs incurred in the first half of 2025 for development orders received both during the half-year period and in previous periods, for which additional development costs were incurred; amortisation amounting to €11,189 thousand was recognised for development costs associated with orders regarding products that have already entered production. The item "change in consolidation area" is attributable to the consolidation of Öhlins into the Group.

The gross amount includes development activities for projects underway totalling €63,582 thousand. The total amount of costs for capitalised internal works charged to the Statement of Income in the item "Costs for capitalised internal works" in the reporting period amounted to €15,613 thousand (first half of 2024: €15,451 thousand).

Impairment losses totalled €174 thousand (€1, 798 thousand in the first half of 2024) and are recognised in the Statement of Income under "Amortisation, depreciation and impairment losses." Impairment losses refer to development costs incurred mainly by the Parent, Brembo N.V., in relation to projects that, consistent with the desire of the customer or Brembo, were not completed or underwent changes in terms of their end destination.

Goodwill

The item "Goodwill" arose from the following business combinations:

(euro thousand)	30.06.2025	31.12.2024
Discs – Systems – Motorbikes:
Brembo North America Inc. (Hayes Lemmerz)	14,564	16,430
Brembo México S.A. de C.V. (Hayes Lemmerz)	887	1,000
Brembo Nanjing Brake Systems Co. Ltd.	834	923
Brembo Brake India Pvt. Ltd.	6,548	7,404
Brembo Huilian (Langfang) Brake Systems Co. Ltd.	40,093	44,396
SBS Friction A/S	20,681	20,690
J.Juan group	6,296	6,296
Brembo N.V. (I.TRA)	220	0
After Market – Performance Group - Suspensions:

Total	305,588	111,663
Öhlins Group	201,326	0
AP Racing Ltd.	12,133	12,518
Corporación Upwards '98 (Frenco S.A.)	2,006	2,006

The change compared to 31 December 2024 was mainly attributable to the consideration paid for acquiring the 100% stake in Öhlins Group and recognised under goodwill and to the change in consolidation exchange rates differences.

CGUs are typically identified as the business being acquired and therefore tested for impairment. If the asset being tested for impairment refers to businesses operating in multiple business lines, it is attributed to all business lines in existence at the date of acquisition; this approach is consistent with valuations carried out at the acquisition date, which are typically based on the estimated recoverable amount of the entire investment.

Intangible assets with indefinite useful lives

This item includes €52,550 thousand for Öhlins trademark, €1,030 thousand related to the Villar trademark, owned by the subsidiary Corporación Upwards '98 S.A., €1,316 thousand for the SBS Friction trademark, €8,585 thousand for the J.Juan trademark and €346 thousand for the trademark LF of Brembo Huilian

(Langfang) Brake Systems Co. Ltd.

Impairment test

The Group conducts an impairment test at year-end and whenever there are indicators of impairment losses. The Group's impairment test on goodwill and intangible assets with indefinite useful lives is based on the value in use; the key assumptions used to determine the recoverable amount of invested capital for the various CGUs have been set out in the Consolidated Financial Statements for the year ended 31 December 2024.

Among the various indicators of impairment losses, the Group considers the relationship between its market capitalisation and equity, which at 30 June 2025 did not show any indicators of impairment losses.

With regard to the identification of internal indicators, an internal impairment indicator was considered to be the occurrence of a simultaneous deterioration in both the final results for the first six months of 2025 compared to the 2025 budget and the 2025 annual 5+7 forecast compared to the 2025 budget.

Some of the biggest CGUs, both in the Discs-Systems-Moto and in the Performance and Suspensions segments, showed this internal impairment indicator, due to the negative automotive market trend that affected the first half of 2025.

The Group assessed the performance of these CGUs using the 2026-2029 Plan approved by the Board of Directors on 29 July 2025, updating the estimate of the Group discount rate (Group WACC) to 8.67% (8.91% in 2024) and maintaining the growth rate (g-rate), used to determine the terminal value, at 1.5% without the need to make any write-down, since the carrying amount is lower than its recoverable amount.

After carrying out the base tests, starting from the calculation for each CGU subject to impairment, sensitivity analyses were performed, varying the WACC from 8.67% to 9.67% and the growth rate from 1.5% to 1% with one CGU having to be potentially subject to write-down.

In addition, the Group introduced an additional sensitivity scenario on cash flows at consolidated level to reflect its carbon neutrality goals. Accordingly, cash outflows were simulated, both during the explicit period and in the estimate of terminal value, which simulate the cost of neutralising CO2 emissions (Scope 1) on the basis of the market values that would be incurred to neutralise them. The result of the analysis showed no impairment of the assets recognised in the financial statements.

Other intangible assets

Acquisitions recognised under "Other intangible assets" totalled €10,981 thousand and refer for €613 thousand to the filing of specific patents and trademarks, and for the remaining amount mainly to the share of the investment for the reporting year associated with the development of the Group's Digital Transformation plan.

3. SHAREHOLDINGS VALUED USING THE EQUITY METHOD (ASSOCIATES AND JOINT VENTURES)

This item includes the amounts attributable to the Group related to the shareholdings valued using the equity method. The following table shows all relevant movements:

(euro thousand)	31.12.2024	Exchange rate fluctuations	Write-ups/ write-downs	Dividends	Other changes	30.06.2025
Brembo SGL Carbon Ceramic Brakes Group	54,833	0	4,937	(5,000)	(98)	54,672
Shandong BRGP Friction Technology Co. Ltd.	7,555	(854)	319	0	0	7,020
Petroceramics S.p.A.	1,405	2	137	0	0	1,544
Infibra Technologies S.r.l.	748	0	(34)	0	0	714
Total	64,541	(852)	5,359	(5,000)	(98)	63,950

It should be noted that the impact on the Statement of Income of valuation of shareholdings using the equity method is classified in two items: "Income (expense) from non-financial investments", attributable to the effects of the valuation using the equity method of the BSCCB Group and the company Shandong BRGP Friction Technology Co. Ltd., and "Interest income (expense) from investments", attributable to the valuation of associates using the equity method.

The investment in Brembo SGL Carbon Ceramic Brakes Group was written up by €4,937 thousand and that in Shandong BRGP Friction Technology Co. Ltd. by €319 thousand, mainly to account for net income for the period.

4. INVESTMENTS IN OTHER COMPANIES, DERIVATIVES AND OTHER FINANCIAL ASSETS

This item is broken down as follows:

(euro thousand)	30.06.2025	31.12.2024
Investments in other companies measured at fair value	914	914
Investments in other companies measured at cost	2,759	2,727
Derivatives measured at fair value	5,024	8,998
Other securities	53	53
Other	3,219	2,512
Total	11,969	15,204

The item "Investments in other companies measured at fair value" consisted of the fair value of the 10.33% interest held in E-Novia S.p.A. for €914 thousand.

"Investments in other companies measured at cost" includes the 10% interest in International Sport Automobile S.àr.l. the 2.11% interest in Spoke Safety and the 1.20% interest in Fuji Co. The change of €32 thousand compared to 31 December 2024 was attributable to the Parent's interest in consortium funds intended for research.

The item "Derivatives" refers for €2,027 thousand to the fair value of derivative assets relating to a specific financial transaction hedging against the risk of fluctuation in the electricity price undertaken in 2021 by Brembo Poland Sp.Zo.o. and for €2,997 thousand to the noncurrent portion of the fair value of three IRSs entered into directly by the Parent Brembo N.V hedging the change in interest rate risk associated with a specific outstanding loan. These IRSs fall within the requirements set forth in the accounting standards relating to hedge accounting (cash flow hedge). The change in fair value compared to 31 December 2024 was recognised as a component of comprehensive income, net of the tax effect, given that the hedge is fully effective.

The item "Other" includes interest-free security deposits for utilities and car rental agreements and, for €539 thousand, refers to a bond loan issued by E-Novia S.p.A. subscribed by Brembo N.V.

5. RECEIVABLES AND OTHER NON-CURRENT ASSETS

This item is broken down as follows:

Total	48,360	52,928
Non-income tax receivables	34	34
Income tax receivables	3,814	5,024
Other non-current assets	44,512	47,870
(euro thousand)	30.06.2025	31.12.2024

The item "Other non-current assets" mainly includes the amounts related to contributions towards clients for the acquisition of long-term exclusive supply arrangements, which were subsequently released to the Statement of Income in accordance with the supply schedule for the clients.

Income tax receivables mainly refer to tax credits that can be used beyond one year, granted on the purchase of new property, plant and equipment, and other tax credits for which refunds have been requested.

6. DEFERRED TAX ASSETS AND LIABILITIES

The net balance of deferred tax assets and liabilities at 30 June 2025 is broken down as follows:

Total	40,744	84,082
Deferred tax liabilities	(65,984)	(25,202)
Deferred tax assets	106,728	109,284
(euro thousand)	30.06.2025	31.12.2024

38

Deferred tax assets and liabilities were generated mainly due to temporary differences for capital gains with deferred taxation, other income items subject to future deductions or taxation, prior years' tax losses and other consolidation adjustments.

Movements for the period are reported in the following table:

(euro thousand)	30.06.2025	30.06.2024
Balance at beginning of period	84,082	66,705
Change in consolidation area	(35,670)	0
Deferred tax liabilities generated	(253)	(250)
Deferred tax assets generated	13,464	18,304
Use of deferred tax assets and liabilities	(8,278)	(2,219)
Exchange rate fluctuations	(7,010)	731
Reclassifications	(7,549)	0
Other movements	1,958	576
Balance at end of period	40,744	83,847

It should also be noted that:

• unrecognised deferred tax assets of Brembo do Brasil Ltda. — calculated on prior years' losses (BRL 54 million) eligible to be unlimitedly carried forward amounted to BRL 18.53 million, whereas recognised deferred tax assets amounted to BRL 13.86 million;
• unrecognised deferred tax assets of J.Juan S.A.U. calculated on prior years' losses (€8,488 thousand) eligible to be unlimitedly carried forward — amounted to €2,122 thousand;
• Brembo Czech S.r.o. has three tax incentive plans, one of CZK 133.1 million (expiring in 2026), one of CZK 63.8 million (expiring in 2029) and another of CZK 367.0 million (expiring in 2031), on which the company did not recognise any deferred tax assets, whereas recognised deferred tax assets amounted to CZK 102.2 million.

7. INVENTORIES

A breakdown of net inventories, which are stated net of the inventory write-down provision, is shown below:

The change compared to 31 December 2024 was attributable for €20,547 thousand to the consolidation of Öhlins into the Group as well as to a policy aimed at supply chain-related risks.

(euro thousand)	30.06.2025	31.12.2024	(euro thousand)	30.06.2025	31.12.2024
Raw materials	271,489	249,033	Receivables from customers	676,327	629,007
Work in progress	128,113	123,415	Receivables from associates
Finished products	235,604	216,357	and joint ventures	2,815	2,388
Goods in transit	47,825	49,505	Total	679,142	631,395
Total	683,031	638,310

value.

8. TRADE RECEIVABLES

At 30 June 2025, the balance of trade receivables compared to the end of the previous year was as follows:

increasing the supply of inventories in order to tackle any Movements in the inventory write-down provision are reported in the following table: The bad debt risk is not concentrated in any one area, as the Group has a client portfolio spread across the various geographical areas in which it operates. In this regard, the customers' risk profile is substantially unchanged compared to that assessed in the previous year.

The increase in trade receivables is mainly due to the consolidation of Öhlins's for €20,444 thousand and to the sales volumes mix sold to customer with higher payment terms.

(euro thousand)	30.06.2025	30.06.2024	Account receivables from customers are recognised net
Balance at the beginning of period	88,494	76,913	of the provision for bad debts, which amounted to €15,362 thousand. Movements in the provision for bad
Provisions	9,488	16,633	debts are shown below:
Use/Release	(12,239)	(7,733)	(euro thousand)	30.06.2025	30.06.2024
Exchange rate fluctuations	(1,808)	287	Balance at beginning of period	17,946	8,455
Reclassification	0	13	Provisions	512	2,846
Change in consolidation area	2,014	0	Use/Release	(2,857)	(374)
Balance at end of period	85,949	86,113	Exchange rate fluctuations	(571)	(15)
			Reclassifications	77	0
The inventory write-down provision is determined in order		Change in consolidation area	255	0
to align the cost of inventories to their estimated realisable		Balance at end of period	15,362	10,912

The increase of provision for bad debts, compared to 30 June 2024, is related to legal restructuring proceeding with self-administration of a primary listed OE producer started at the end of 2024 and not fully closed at 30 June 2025.

The Brembo Group's maximum credit risk exposure is the book value of the gross financial assets recognised in the financial statements, net of any amounts offset in accordance with IAS 32 and any impairment losses recognised in accordance with IFRS 9. It bears noting that Brembo has no credit insurance contracts as its credit risk is modest since its main business partners are leading car and motorbike manufacturers with high credit standing.

9. OTHER RECEIVABLES AND CURRENT ASSETS

This item is broken down as follows:

Total	140,365	137,676
Other receivables	32,254	28,551
Non-income tax receivables	68,152	63,247
Income tax receivables	39,959	45,878
(euro thousand)	30.06.2025	31.12.2024

The item "Income tax receivables" includes the receivable recognised by the Parent in prior years in relation to the application of an IRES refund, concerning the nondeductibility for IRAP purposes of personnel expenses, and other applications for IRES and IRAP refunds, besides the R&D tax credit.

The item "Non-income tax receivables" primarily includes the VAT receivables of Brembo N.V. and of subsidiaries, in particular those located in Poland and Mexico.

The item "Other receivables" mainly includes advances paid to suppliers for goods and services, as well as other accrued income.

10. DERIVATIVES AND CURRENT FINANCIAL ASSETS

This item is broken down as follows:

(euro thousand)	30.06.2025	31.12.2024
Other securities	295	395
Derivatives measured at fair value	5,617	23,985
Security deposits	2,304	2,636
Other receivables	81	99
Total	8,297	27,115

The item "Derivatives" refers for €3,710 thousand to the current portion of the fair value of two IRSs entered into directly by the Parent Brembo N.V. hedging the change in interest rate risk associated with a specific outstanding loan. These IRSs fall within the requirements set forth in the accounting standards relating to hedge accounting (cash flow hedge). The change in fair value compared to 31 December 2024 was recognised as a component of comprehensive income, net of the tax effect, given that the hedge is fully effective.

The item also includes the fair value of derivative assets relating to hedging through currency forwards for €1,907 thousand.

11. CASH AND CASH EQUIVALENTS

Cash and cash equivalents include:

Cash and cash equivalents from the Statement of Cash Flow	142,130	605,595
Payables to banks: overdrafts	(297,878)	(261,621)
Total cash and cash equivalents	440,008	867,216
Cash-in-hand and cash equivalents	121	150
Bank and postal account	439,887	867,066
(euro thousand)	30.06.2025	31.12.2024

The items listed above can be converted readily into cash and are not exposed to a significant risk that their value may change. It is deemed that the book value of cash and cash equivalents approximates their fair value at the reporting date. Cash is on deposit with credit institutions whose ratings are constantly monitored in order to select only financially sound counterparties.

The decrease is mainly due to the price paid for the acquisition of a 100% stake in Öhlins for €366 million.

It should be noted that, with regard to the amount recognised in the Statement of Cash Flows, interest paid in the half year totalled €24,838 thousand (€24,370 thousand at 30 June 2024). This interest does not include the €3,673 thousand positive differentials on the IRSs entered into the hedge against the change in interest-rate on the variablerate loans.

12. EQUITY

Group consolidated equity at 30 June 2025 decreased by €125,498 thousand compared to 31 December 2024 (€104,457 due to the change in translation adjustment reserve). For further details, reference should be made to the paragraph "Significant events during the six-month period". Movements are given in the relevant statement within the Condensed Consolidated Six Monthly Financial Report.

Share capital

The issued share capital amounted to €8,797 thousand at 30 June 2025. The table below shows the composition of the share capital and the number of shares outstanding at 30 June 2025:

Total	8,796,873.15	521,888,933	879,687,315
Special Voting Shares C (*) Nominal value: €0.03	5,364,938.13	178,831,271	536,493,813
Special Voting Shares B (*) Nominal value: €0.02	2,716.80	135,840	271,680
Special Voting Shares A (*) Nominal value: €0.01	89,995.72	8,999,572	8,999,572
Ordinary shares nominal value: €0.01	3,339,222.50	333,922,250	333,922,250
	Issued share capital (€)	No. of shares making up the share capital	No. of voting rights

(*) For further information on the share capital, please see the Brembo website: Share Capital | Brembo Corporate.

On 24 April 2025, the Special Voting Shares "A" and "B" – registered in the Loyalty Register for an uninterrupted period of one year – were converted, respectively, into Special Voting Shares "B" and "C".

As part of Brembo's buy-back plan, during the first half of 2025 the Company neither purchased nor sold own shares.

Statutory reserve

The statutory reserve, created in 2024 from share capital decrease, is aimed to generate a reserve for future issues of special voting share, without any need to amend the Articles of Association.

Other reserves and retained earnings/(losses)

The Annual General Meeting (the "AGM") of the Parent Brembo N.V. held on 29 April 2025 approved the Financial Statements for the financial year ended 31 December 2024, allocating net income for the year amounting to €163,751,872.04 as follows:

• to the Shareholders, a gross ordinary dividend of €0.30 per ordinary share outstanding, excluding own shares;
• the remaining amount carried forward.

Share capital and reserves of minority interests

This item changed due to dividends paid to minority shareholders, as well as to the change in consolidation exchange rates differences.

40

13. FINANCIAL DEBT AND DERIVATIVES

(euro thousand)	Amount at 31.12.2024	Amount at 30.06.2025	Portion due within one year	between 1 and 5 years	Portion due after 5 years
Loans:
BNL loan (€100 million)	50,143	37,590	25,092	12,498	0
BNL loan (€200 million)	174,849	149,886	49,940	99,946	0
Banca Popolare di Sondrio loan (€125 million)	62,939	50,280	25,283	24,997	0
Intesa Sanpaolo loan (€100 million)	49,882	37,429	24,944	12,485	0
Banca Popolare di Sondrio loan (€150 million)	149,849	131,132	37,446	93,686	0
Mediobanca loan (€100 million)	99,761	99,773	11,041	88,732	0
Mediobanca loan (€150 million)	149,840	149,664	0	149,664	0
Banca Popolare di Sondrio loan (€100 million)	0	101,192	1,251	74,945	24,996
BNL loan (€160 million)	0	159,761	0	79,790	79,971
Bankinter loan (€2 million)	274	0	0	0	0
Banco Sabadell loan (€500 thousand)	43	0	0	0	0
Santander loan (€2 million)	51	0	0	0	0
Santander 2020 loan (€2 million)	174	0	0	0	0
Caixabank loan (€1 million)	104	0	0	0	0
Total loans	737,909	916,707	174,997	636,743	104,967

13. FINANCIAL DEBT AND DERIVATIVES							The most significant transactions finalized in first half		current level of covenants allows the Group to benefit from
This item is broken down as follows: 30.06.2025 31.12.2024				of 2025 include the full draw-down of two medium-term loans of €100,000 thousand and €160,000 thousand contracted by Brembo N.V. with Banca Popolare di Sondrio	a safety margin that does not entail the need to reclassify financial payables subject to such covenants as short-term financial payables. At 30 June 2025, there were no financial
(euro thousand)	Due within one year	Due after one year	Total	Due within one year	Due after one year	Total	and Banca Nazionale del Lavoro (BNL), respectively.		payables secured by collateral.
Payables to banks:							It should be noted that several loans require compliance		The following table shows the breakdown of "Other
– overdrafts	297,878	0	297,878	261,621	0	261,621	with certain financial covenants. At the end of the reporting period, all of these covenants had been met. The		financial liabilities".
– loans	174,997	741,710	916,707	163,673	574,236	737,909
Total	472,875	741,710	1,214,585	425,294	574,236	999,530					Portion due
Lease liabilities	21,043	149,226	170,269	93,346	145,146	238,492	(euro thousand)	Amount at 31.12.2024	Amount at 30.06.2025	Portion due within 1 year	between 1 and 5 years	Portion due after 5 years
Payables to other financial institutions	285	0	285	545	155	700	Other financial liabilities:
Derivatives measured at fair value	1,501	5,947	7,448	1,607	2,574	4,181	Payables to other financial institutions:
Total	22,829	155,173	178,002	95,498	147,875	243,373	Libra loan	391	261	261	0	0
							Ministerio Industria España	257	0	0	0	0
The following table provides a breakdown of "Payables to banks":							Ministerio de Ciencia e Innovación	52	24	24	0	0
		Amount at	Amount at	Portion due	Portion due between	Portion due	Total payables to other financial institutions	700	285	285	0	0
(euro thousand)		31.12.2024	30.06.2025	within one year	1 and 5 years	after 5 years	Lease liabilities	238,492	170,269	21,043	67,793	81,433
Loans:							Total other financial liabilities	239,192	170,554	21,328	67,793	81,433
BNL loan (€100 million)		50,143	37,590	25,092	12,498	0
BNL loan (€200 million)		174,849	149,886	49,940	99,946	0	The following table shows the structure of loans towards

banks and other financial institutions at 30 June 2025, broken down by annual interest rate and currency:

		30.06.2025		31.12.2024
(euro thousand)	Fixed rate	Variable rate	Total	Fixed rate	Variable rate	Total
Total	437,198	479,794	916,992	325,997	412,612	738,609

	1. Corporate	2. Directors'
Index	Highlights	Report

The average variable rate applicable to the Group's debt is 2.93% and the average fixed rate is 2.13%.

The item "Derivatives" includes the fair value relating to hedging through currency forwards for €755 thousand and for €5,743 thousand to the fair value of a derivative liability relating to a specific financial transaction hedging against the risk of fluctuation in the electricity price undertaken in 2024 by Brembo Poland Sp.Zo.o.

It refers also for €949 thousand to the fair value of two IRS entered into directly by the Parent Brembo N.V. hedging the change in interest rate risk associated with a specific outstanding loan. These IRSs fall within the requirements set forth in the accounting standards relating to hedge accounting (cash flow hedge). The change in fair value compared to 31 December 2024 was recognized as a component of comprehensive income, net of the tax effect, given that the hedge is fully effective.

At 30 June 2025, IRS derivatives had an overall positive fair value of €5,758 thousand, entirely recognised in a cash flow hedge reserve, gross of tax effects.

Changes in the Cash Flow Hedge Reserve, gross of tax effects, are as follows:

(euro thousand)	30.06.2025	31.12.2024
Opening value	(30,187)	(29,873)
Change in fair value reserve	1,399	(16,246)
Change in reserve for payment/ collection of differentials	26,787	15,932
Closing value	(2,001)	(30,187)

Net financial debt

The following table shows the reconciliation of the net financial debt at 30 June 2025 (€935,542 thousand) and at 31 December 2024 (€360,353 thousand) based on the layout prescribed by ESMA 32-382-1138 Guidelines of 4 March 2021:

(euro thousand)		30.06.2025 31.12.2024
A Cash	440,008	867,216
B Cash equivalents	0	0
C Other current financial assets	8,297	8,497
D Liquidity (A + B + C)	448,305	875,713
E Current financial debt (including debt instruments, but excluding current portion of non-current financial debt)	320,707	357,119
F Current portion of non-current financial debt	174,997	163,673
G Current financial debt (E + F)	495,704	520,792
H Net current financial debt (G - D)		47,399 (354,921)
I Non-current financial debt (excluding current portion and debt instruments)	888,143	715,274
J Debt instruments	0	0
K Trade payables and other non-current payables	0	0
L Non-current financial debt (I + J + K)	888,143	715,274
M Total financial debt (H + L)	935,542	360,353

The various components that gave rise to the change in net financial debt during the reporting period are presented in the Statement of Cash Flows in the Directors' Report on Operation.

Item "Non-current financial debt (excluding the current portion and debt instruments)" includes the non-current component of IRS derivatives amounting to €2,997 thousand.
Pursuant to IAS 7 — Statement of Cash Flows, changes in liabilities arising from financing activities are reported below. The table allows a reconciliation of the cash
flows recognised in the Statement of Cash Flows in the
Directors' Report on Operations and the total changes in
the period of the Statement of Financial Position items that contribute to financial debt.

			Non-cash flow
(euro thousand)	31.12.2024	Cash flows	Change in consolidation area	Additions	Exchange rate fluctuations	Fair value	Other movements	30.06.2025
Loans and payables to other financial institutions	738,609	177,682	0	0	0	0	701	916,992
Lease liabilities	238,492	(87,346)	7,165	7,794	(5,197)	0	9,361	170,269
Derivatives measured at fair value	4,181	0	0	0	0	3,267	0	7,448
Total liabilities from financing activities	981,282	90,336	7,165	7,794	(5,197)	3,267	10,062	1,094,709

			Non-cash flow
(euro thousand)	31.12.2023	Cash flows	Change in consolidation area	Additions	Exchange rate fluctuations	Fair value	Other movements	30.06.2024
Loans and payables to other financial institutions	654,378	(96,453)	0	0	0	0	6,260	564,185
Lease liabilities	171,240	(14,436)	0	15,731	611	0	5,411	178,557
Derivatives measured at fair value	160	0	0	0	0	723	0	883
Total liabilities from financing activities	825,778	(110,889)	0	15,731	611	723	11,671	743,625

42

14. OTHER NON-CURRENT LIABILITIES

This item is broken down as follows:

Total	3,006	2,793
Other payables	52	1
Payables to employees	2,570	2,689
Social security payables	384	103
(euro thousand)	30.06.2025	31.12.2024

15. PROVISIONS

This item is broken down as follows:

		30.06.2025	30.06.2024
(euro thousand)	Provisions for contingencies and charges	Provision for product guarantees	Total	Provisions for contingencies and charges	Provision for product guarantees	Total
Balance at beginning of period	14,685	11,118	25,803	19,052	14,766	33,818
Change in consolidation area	0	469	469	0	0	0
Provisions	1,791	1,825	3,616	888	1,866	2,754
Use/Release	(4,928)	(2,507)	(7,435)	(2,304)	(3,796)	(6,100)
Exchange rate fluctuations	(15)	(406)	(421)	(41)	(13)	(54)
Balance at end of period	11,533	10,499	22,032	17,595	12,823	30,418
of which short-term			2,447			9,405

Provisions totalled €22,032 thousand, including a provision for product warranties for probable future costs linked to contractual warranties (€10,499 thousand), supplemental customer indemnities — in connection with the Italian

agency contract — and the valuation of risks related to litigation underway, as well as an estimate of liabilities that could arise as a result of tax litigation in place.

16. NET EMPLOYEE BENEFITS

Group companies provide post-employment benefits through defined contribution plans or defined benefit plans.

In the case of defined contribution plans, the Group companies pay contributions to public or private insurance institutes based on legal or contractual obligations or on a voluntary basis. Once such contributions have been paid,

the companies have no further payment obligations. Defined contribution plans include a plan relating to Brembo Huilian (Langfang) Brake Systems Co. Ltd. and reserved for 16 early retired employees, who have guaranteed monthly payments until they reach pension age.

The employees of the UK subsidiary AP Racing Ltd. have the benefit of a corporate pension plan (AP Racing Pension Scheme), which is made up of two sections: the first is a defined contribution plan for employees hired after 1 April 2001, and the second is a defined benefit plan for those already in service at 1 April 2001 (and previously covered by the AP Group Pension Fund). The defined benefit plan is funded by employer and employee contributions made to a trustee that is legally separate from the enterprise providing benefits to its employees. Brembo México S.A. de C.V., Brembo Japan Co. Ltd. and Brembo Brake India Pvt. Ltd. offer to their employees specific pension plans that qualify as defined benefit plans.

Unfunded defined benefit plans include also the "Employees' leaving entitlement" provided by the Group's Italian companies, in accordance with current applicable regulations.

The value of funds is calculated on an actuarial basis using the "Projected Unit Credit Method".

The item "Other employee benefits" includes the liability associated with the 2025-2027 three-year incentive plan reserved for top managers, to be settled in May 2028. The item "Use/Release" refers to the settlement of the 2022-2024 three-year incentive plan in May 2025.

	1. Corporate	2. Directors'
Index	Highlights	Report

Liabilities at 30 June 2025 are given in the table below:

		30.06.2025				30.06.2024
(euro thousand)	Employees' leaving entitlement	Defined benefit plans	Defined contribution plans	Other long-term benefits	Total	Employees' leaving entitlement	Defined benefit plans	Defined contribution plans	Other long-term benefits	Total
Balance at beginning of period	12,156	3,969	870	30,361	47,356	12,598	4,232	614	19,001	36,445
Provisions	0	644	2,687	3,972	7,303	0	468	2,202	5,192	7,862
Use/Release	(629)	(662)	(2,778)	(30,511)	(34,580)	(459)	(264)	(2,229)	(555)	(3,507)
Interest expense	191	194	0	22	407	203	190	0	180	573
Exchange rate fluctuations	0	(573)	(29)	(174)	(776)	0	(236)	5	35	(196)
Other	(256)	51	0	0	(205)	(314)	(847)	0	0	(1,161)
Balance at the end of period	11,462	3,623	750	3,670	19,505	12,028	3,543	592	23,853	40,016

17. TRADE PAYABLES

At 30 June 2025, trade payables were as follows:

(euro thousand)	30.06.2025	31.12.2024
Trade payables	650,106	683,402
Payables to associates and joint ventures	19,516	14,172
Total	669,622	697,574

The change compared to 31 December 2024 was attributable for €9,116 thousand to the consolidation of Öhlins into the Group.

In order to extend payment terms for an additional 90 days, the company Brembo Huilian (Langfang) Brake Systems Co. Ltd. has issued and granted to some suppliers Bank acceptance drafts (BAD), for an outstanding value (i.e. issued and not yet due) for around €6.5 million at 30 June 2025. Considering the commercial nature of these debts (supply of goods or services), even after the issuance of BAD, their reclassification remains into trade payables. 19. OTHER CURRENT PAYABLES Other current payables at 30 June 2025 are given in the table below:

18. TAX PAYABLES

This item reflects the net amount due for the current taxes of the Group's companies.

(euro thousand)	30.06.2025	31.12.2024
Tax payables	13,630	11,719

	(euro thousand)	30.06.2025	31.12.2024
	Tax payables other than current tax	10,526	15,607
	Social security payables	25,785	30,288
	Payables to employees	84,402	79,227
	Contract liabilities	80,393	80,347
	Other payables	48,055	41,454
	Total	249,161	246,923

The item "Contract liabilities" refers to grants received by customers towards development activities suspended until the conclusion of the development activity and then recognised over the useful lives of the products to which the grants refer (2025: €6,698 thousand).

44

	1. Corporate	2. Directors'
Index	Highlights	Report

STATEMENT OF INCOME

20. REVENUE FROM CONTRACTS WITH CUSTOMERS

The item is broken down as follows:

(euro thousand)	30.06.2025	30.06.2024
Revenue from sales of brake systems	1,861,293	1,975,930
Revenue from equipment	6,702	10,100
Revenue from study and design activities	12,625	18,345
Revenue from royalties	349	460
Total	1,880,969	2,004,835

The breakdown of Group sales by geographical area of destination and by application is provided in the Directors' Report on Operations.

21. OTHER REVENUES AND INCOME

This item is made up of:

(euro thousand)	30.06.2025	30.06.2024
Miscellaneous recharges	3,429	3,633
Gains on disposal of assets	471	729
Miscellaneous grants	2,934	3,537
Other revenues	5,256	3,365
Total	12,090	11,264

The item "Miscellaneous grants" mainly refers to grants for personnel training, research and development projects and the purchase of new capital goods.

22. COSTS FOR CAPITALISED INTERNAL WORKS

This item refers to the capitalisation of development costs incurred during the period, amounting to €15,613 thousand (first half of 2024: €15,451 thousand).

23. COST OF RAW MATERIALS, CONSUMABLES AND GOODS

The item is broken down as follows:

Total	832,318	915,956
Purchase of consumables	77,700	91,280
Purchase of raw materials, semi finished and finished products	754,618	824,676
(euro thousand)	30.06.2025	30.06.2024

24. INCOME (EXPENSE) FROM NON-FINANCIAL INVESTMENTS

Income (expense) from non-financial investments amounted to €5,256 thousand and was attributable to the effects of valuing the investment in the BSCCB Group and the company Shandong BRGP Friction Technology Co. Ltd. using the equity method (first half of 2024: €8,129 thousand).

25. OTHER OPERATING COSTS

These costs are broken down as follows:

Transports 48,859 Maintenance, repairs and utilities 125,185 Contracted work 77,527 Leases 23,985 Other operating costs 112,101	(euro thousand)	30.06.2025	30.06.2024
			48,653
			134,281
			82,075
			22,420
			113,460
	Total	387,657	400,889

The item "Other operating costs" mainly includes the costs

of travels, quality-related costs and insurance costs, as well

as fees for legal, technical and commercial consulting.

26. PERSONNEL EXPENSES

Breakdown of personnel expenses is as follows:

Total	393,060	371,414
Other costs	37,033	46,302
Employees' leaving entitlement and other personnel provisions	12,065	9,255
Social security contributions	62,532	56,914
Wages and salaries	281,430	258,943
(euro thousand)	30.06.2025	30.06.2024

The item "Other costs" refers for €19,737 thousand (€30,592 thousand in the first half of 2024) to the cost of the agency workers incurred by the Group.

The average number and the period-end number of Group employees by category were as follows:

		Managers White-collars Blue-collars		Total
H1 2025: average	196	4,689	9,992	14,877
H1 2024: average	169	4,210	9,699	14,078
Changes	27	479	293	799
Total at 30.06.2025	196	4,678	9,959	14,833
Total at 30.06.2024	175	4,278	9,815	14,268
Changes	21	400	144	565

The number of agency workers at 30 June 2025 was 1,226 (1,113 at 31 December 2024 and 1,923 at 30 June 2024).

45

27. DEPRECIATION, AMORTISATION AND IMPAIRMENT LOSSES

The item is broken down as follows:

(euro thousand)	30.06.2025	30.06.2024
Amortization of intangible assets:
Development costs	11,189	11,829
Industrial patents and similar rights for original work	851	751
Licenses, trademarks and similar rights	383	407
Other intangible assets	11,340	5,149
Total	23,763	18,136
Depreciation of property, plant and equipment:
Buildings	12,250	10,957
Plant and machinery	73,105	73,491
Industrial and commercial equipment	11,905	11,116
Other assets	3,828	3,312
Right of use assets	13,378	12,763
Total	114,466	111,639
Impairment losses:
Property, plant and equipment	54	1,021
Intangible assets	174	1,798
Total	228	2,819
TOTAL AMORTIZATION, DEPRECIATION AND IMPAIRMENT LOSSES	138,457	132,594

Comments on impairment losses are provided in the notes to the Statement of Financial Position items.

28. NET INTEREST INCOME (EXPENSE)

This item is broken down as follows:

TOTAL NET INTEREST INCOME (EXPENSE)	(21,489)	(17,966)
Total interest expense	(159,648)	(181,427)
Interest expense	(22,716)	(21,891)
Lease interest expense	(3,229)	(2,383)
Interests expense from employee's leaving entitlement and other personnel provisions	(1,099)	(1,065)
Exchange rate losses	(132,604)	(156,088)
Total interest income	138,159	163,461
Interest income	9,415	11,469
Interests income from employee's entitlement indemnity and other personnel provisions	714	672
Exchange rate gains	128,030	151,320
(euro thousand)	30.06.2025	30.06.2024

The items "Exchange rate gains" and "Exchange rate losses" include the effects of the management of foreign exchange hedges undertaken through forward contracts. For contracts of this type, the Company does not opt to apply hedge accounting pursuant to IFRS 9 since there is no formal designation of the hedged item and hedging instrument, in the belief that the representation of the impact of the strategy for hedging this risk on the Statement of Income and Statement of Financial Position is nonetheless assured.

Net exchange differences as at 30 June 2025, amounting to a negative €4,574 thousand (negative €4,768 thousand at 30 June 2024), relate mainly to the effect of translation into local currency of accounts receivable and payable in foreign currencies included in the financial statements of foreign subsidiaries.

29. INTEREST INCOME (EXPENSE) FROM INVESTMENTS

Net interest income from investments (excluding nonfinancial investments described in Note 24) amounted to €103 thousand (€11,054 thousand in the first half of 2024 including to dividends received by investees not included in the consolidation area) and was attributable to the effects of valuing investments in associates using the equity method.

30. TAXES

This item is broken down as follows:

Total	40,514	53,685
payables	870	1,484
Prior years' taxes and other tax
Deferred taxes (assets) and liabilities	(4,933)	(15,835)
Current taxes	44,577	68,036
(euro thousand)	30.06.2025	30.06.2024

The Group's actual tax rate was 28.7% (31 December 2024: 27.2% – 30 June 2024: 25.3%).

31. EARNINGS PER SHARE

Basic earnings per share were €0.31 at 30 June 2025 (€0.49 at 30 June 2024) and were calculated by dividing the net income or loss for the period attributable to holders of ordinary equity instruments of the Parent by the weighted average number of ordinary shares outstanding in the first half of 2025, amounting to 318,870,390 (319,597,567 in the first half of 2024). Diluted earnings per share are identical to basic earnings per share inasmuch as no share capital transactions were undertaken in the reporting period.

32. STATEMENT OF COMPREHENSIVE INCOME

The Statement of Comprehensive Income includes:

• the fair value measurement of derivatives, net of the tax effect, negative for €26,196 thousand (negative for €4,683 thousand in the first half of 2024);
• the actuarial value on defined benefit plans, net of the tax effect, positive for €58 thousand (positive for €874 thousand in the same period of the previous year);
• the change in the translation adjustment reserve negative for €104,457 thousand (positive for €21,648 thousand in the first half of 2024);
• the fair value measurement of the interest in companies valued at fair value net of the tax effect, nil at 30 June 2025, was positive for €31,681 thousand in the first half of 2024.

46

3.3 STATEMENT OF COMPLIANCE BY THE BOARD OF DIRECTORS

The Board of Directors is responsible for preparing the six-monthly financial report, including the condensed consolidated financial statements and the Directors' report, pursuant to the Dutch Financial Supervision Act and in accordance with the applicable International Financial Reporting Standards (IFRS) for IAS34-Interim Financial Statements. Pursuant to Section 5:25d, paragraph 2 of the Dutch Financial Supervision Act, the Board of Directors declares that, to the best of its knowledge, the condensed consolidated financial statements prepared in accordance with the accounting standards applied, give a true and fair view of the assets, liabilities, financial position and profit and loss account for the period of Brembo N.V. and its subsidiaries, and of the companies included in the consolidation as a whole, and that the Directors' Report on Operations gives a true and fair view of the information required under Section 5:25d, paragraphs 8 and 9 of the Dutch Financial Supervision Act.

Bergamo, 29 July 2025

BOARD OF DIRECTORS

Matteo Tiraboschi Daniele Schillaci Executive Chairman Chief Executive Officer Cristina Bombassei Giancarlo Dallera Executive Director Non-Executive and Independent Director Elisabetta Magistretti Umberto Nicodano Non-Executive and Independent Director Non-executive Director Elizabeth M. Robinson Gianfelice Rocca Non-Executive and Independent Director Non-Executive and Independent Director Michela Schizzi Manuela Soffientini Non-Executive and Independent Director Non-Executive and Independent Director Roberto Vavassori Executive Director

3.4 INDEPENDENT AUDITORS' REPORTS

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INDEPENDENT AUDITOR'S REVIEW REPORT

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• dŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĨŝŶĂŶĐŝĂůƉŽƐŝƚŝŽŶĂƐĂƚϯϬ:ƵŶĞ͕ ϮϬϮϱ͘
• dŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵϭ:ĂŶƵĂƌLJϮϬϮϱ ƚŽϯϬ:ƵŶĞϮϬϮϱ͘
• dŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŽŵƉƌĞŚĞŶƐŝǀĞŝŶĐŽŵĞĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵϭ:ĂŶƵĂƌLJϮϬϮϱ ƚŽ ϯϬ:ƵŶĞϮϬϮϱ͘
• dŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐĂƐŚĨůŽǁƐĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵϭ:ĂŶƵĂƌLJϮϬϮϱ ƚŽϯϬ:ƵŶĞϮϬϮϱ͘
• dŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐƚĂƚĞŵĞŶƚŽĨĐŚĂŶŐĞƐŝŶĞƋƵŝƚLJĨŽƌƚŚĞƉĞƌŝŽĚĨƌŽŵϭ:ĂŶƵĂƌLJϮϬϮϱ ƚŽ ϯϬ:ƵŶĞϮϬϮϱ͘
• dŚĞĞdžƉůĂŶĂƚŽƌLJŶŽƚĞƐƚŽƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂƚϯϬ:ƵŶĞϮϬϮϱ͘

ĂƐŝƐĨŽƌŽƵƌĐŽŶĐůƵƐŝŽŶ

We conducted our review in accordance with Dutch law, including the Dutch Standard 2410, 'Het beoordelen van tussentijdse financiële informatie door de accountant van de entiteit' (Review of interim financial information ƉĞƌĨŽƌŵĞĚďLJƚŚĞŝŶĚĞƉĞŶĚĞŶƚĂƵĚŝƚŽƌŽĨƚŚĞĞŶƚŝƚLJͿ͘ƌĞǀŝĞǁŽĨŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ ƚŚĞƵƚĐŚ^ƚĂŶĚĂƌĚϮϰϭϬŝƐĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚ͘KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐƵŶĚĞƌƚŚŝƐƐƚĂŶĚĂƌĚĂƌĞĨƵƌƚŚĞƌ described in the 'Our responsibilities for the review of the interim financial information' section of our report.

tĞĂƌĞŝŶĚĞƉĞŶĚĞŶƚŽĨƌĞŵďŽE͘s͘ ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞsĞƌŽƌĚĞŶŝŶŐŝŶnjĂŬĞĚĞŽŶĂĨŚĂŶŬĞůŝũŬŚĞŝĚǀĂŶ ĂĐĐŽƵŶƚĂŶƚƐďŝũĂƐƐƵƌĂŶĐĞͲŽƉĚƌĂĐŚƚĞŶ;sŝK͕ŽĚĞŽĨƚŚŝĐƐĨŽƌWƌŽĨĞƐƐŝŽŶĂůĐĐŽƵŶƚĂŶƚƐ͕ĂƌĞŐƵůĂƚŝŽŶǁŝƚŚƌĞƐƉĞĐƚ ƚŽŝŶĚĞƉĞŶĚĞŶĐĞͿĂŶĚŽƚŚĞƌƌĞůĞǀĂŶƚŝŶĚĞƉĞŶĚĞŶĐĞƌĞŐƵůĂƚŝŽŶƐŝŶƚŚĞEĞƚŚĞƌůĂŶĚƐ͘&ƵƌƚŚĞƌŵŽƌĞ͕ǁĞŚĂǀĞ ĐŽŵƉůŝĞĚǁŝƚŚƚŚĞsĞƌŽƌĚĞŶŝŶŐŐĞĚƌĂŐƐͲ ĞŶďĞƌŽĞƉƐƌĞŐĞůƐĂĐĐŽƵŶƚĂŶƚƐ;s'͕ƵƚĐŚŽĚĞŽĨƚŚŝĐƐ ĨŽƌ WƌŽĨĞƐƐŝŽŶĂůĐĐŽƵŶƚĂŶƚƐͿ͘

tĞďĞůŝĞǀĞƚŚĞĂƐƐƵƌĂŶĐĞĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌ ĐŽŶĐůƵƐŝŽŶ͘

ZĞƐƉŽŶƐŝďŝůŝƚŝĞƐŽĨƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐĨŽƌƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ

DĂŶĂŐĞŵĞŶƚ ŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJ ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚin accordance with IAS 34, 'Interim Financial Reporting' as adopted by the European Union.

&ƵƌƚŚĞƌŵŽƌĞ͕ƚŚĞďŽĂƌĚŽĨĚŝƌĞĐƚŽƌƐŝƐƌĞƐƉŽŶƐŝďůĞĨŽƌƐƵĐŚŝŶƚĞƌŶĂůĐŽŶƚƌŽůĂƐŝƚĚĞƚĞƌŵŝŶĞƐŝƐŶĞĐĞƐƐĂƌLJƚŽĞŶĂďůĞ ƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚƚŚĂƚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂů ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘

KƵƌƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞƌĞǀŝĞǁŽĨ ƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ

KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽƉůĂŶĂŶĚƉĞƌĨŽƌŵƚŚĞƌĞǀŝĞǁŝŶĂŵĂŶŶĞƌƚŚĂƚĂůůŽǁƐƵƐƚŽŽďƚĂŝŶƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞ

ĂƐƐƵƌĂŶĐĞĞǀŝĚĞŶĐĞĨŽƌŽƵƌĐŽŶĐůƵƐŝŽŶ͘

dŚĞůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞŽďƚĂŝŶĞĚŝŶĂƌĞǀŝĞǁ ĞŶŐĂŐĞŵĞŶƚŝƐƐƵďƐƚĂŶƚŝĂůůLJůĞƐƐƚŚĂŶƚŚĞůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞŽďƚĂŝŶĞĚŝŶ ĂŶĂƵĚŝƚĐŽŶĚƵĐƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƵƚĐŚ^ƚĂŶĚĂƌĚƐŽŶƵĚŝƚŝŶŐ͘ĐĐŽƌĚŝŶŐůLJ͕ǁĞĚŽŶŽƚĞdžƉƌĞƐƐĂŶĂƵĚŝƚ

ŽƉŝŶŝŽŶ͘

tĞŚĂǀĞĞdžĞƌĐŝƐĞĚƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚĂŶĚŚĂǀĞŵĂŝŶƚĂŝŶĞĚƉƌŽĨĞƐƐŝŽŶĂůƐĐĞƉƚŝĐŝƐŵƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞǀŝĞǁ͕ŝŶ

ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƵƚĐŚ^ƚĂŶĚĂƌĚϮϰϭϬ͘

KƵƌƌĞǀŝĞǁŝŶĐůƵĚĞĚĂŵŽŶŐŽƚŚĞƌƐ͗

• KďƚĂŝŶŝŶŐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨƚŚĞĞŶƚŝƚLJĂŶĚŝƚƐĞŶǀŝƌŽŶŵĞŶƚ͕ŝŶĐůƵĚŝŶŐŝƚƐŝŶƚĞƌŶĂůĐŽŶƚƌŽů͕ĂŶĚƚŚĞĂƉƉůŝĐĂďůĞ ĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬ͕ŝŶŽƌĚĞƌƚŽŝĚĞŶƚŝĨLJĂƌĞĂƐŝŶƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJĨŝŶĂŶĐŝĂů ƌĞƉŽƌƚ ǁŚĞƌĞŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚƐĂƌĞůŝŬĞůLJƚŽĂƌŝƐĞĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ĚĞƐŝŐŶŝŶŐĂŶĚƉĞƌĨŽƌŵŝŶŐ ƉƌŽĐĞĚƵƌĞƐƚŽĂĚĚƌĞƐƐƚŚŽƐĞĂƌĞĂƐ͕ĂŶĚŽďƚĂŝŶŝŶŐĂƐƐƵƌĂŶĐĞĞǀŝĚĞŶĐĞƚŚĂƚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽ

• KďƚĂŝŶŝŶŐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽů͕ĂƐŝƚƌĞůĂƚĞƐƚŽƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞŝŶƚĞƌŝŵĨŝŶĂŶĐŝĂů

• ƉƉůLJŝŶŐĂŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚŝŶƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdž

• ƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌĐŽŶĐůƵƐŝŽŶ͘
• ŝŶĨŽƌŵĂƚŝŽŶ͘
• DĂŬŝŶŐŝŶƋƵŝƌŝĞƐŽĨŵĂŶĂŐĞŵĞŶƚĂŶĚŽƚŚĞƌƐǁŝƚŚŝŶƚŚĞĞŶƚŝƚLJ͘
• ŵŽŶƚŚůLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
• reconciles to the entity's underlying accounting records.
• ǀĂůƵĂƚŝŶŐƚŚĞĂƐƐƵƌĂŶĐĞĞǀŝĚĞŶĐĞŽďƚĂŝŶĞĚ͘

• KďƚĂŝŶŝŶŐĂƐƐƵƌĂŶĐĞĞǀŝĚĞŶĐĞƚŚĂƚƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚĂŐƌĞĞƐǁŝƚŚŽƌ

• ŽŶƐŝĚĞƌŝŶŐǁŚĞƚŚĞƌƚŚĞƌĞŚĂǀĞďĞĞŶĂŶLJĐŚĂŶŐĞƐŝŶĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞƐŽƌŝŶƚŚĞŵĞƚŚŽĚƐŽĨĂƉƉůLJŝŶŐ ƚŚĞŵĂŶĚǁŚĞƚŚĞƌĂŶLJŶĞǁƚƌĂŶƐĂĐƚŝŽŶƐŚĂǀĞŶĞĐĞƐƐŝƚĂƚĞĚƚŚĞĂƉƉůŝĐĂƚŝŽŶŽĨĂŶĞǁĂĐĐŽƵŶƚŝŶŐƉƌŝŶĐŝƉůĞ͘

• ŽŶƐŝĚĞƌŝŶŐǁŚĞƚŚĞƌŵĂŶĂŐĞŵĞŶƚŚĂƐŝĚĞŶƚŝĨŝĞĚĂůůĞǀĞŶƚƐƚŚĂƚŵĂLJƌĞƋƵŝƌĞĂĚũƵƐƚŵĞŶƚƚŽŽƌĚŝƐĐůŽƐƵƌĞŝŶƚŚĞ ĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚ͘
• ŽŶƐŝĚĞƌŝŶŐǁŚĞƚŚĞƌƚŚĞĐŽŶĚĞŶƐĞĚĐŽŶƐŽůŝĚĂƚĞĚƐŝdžŵŽŶƚŚůLJĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŚĂƐďĞĞŶƉƌĞƉĂƌĞĚŝŶ ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞĂƉƉůŝĐĂďůĞĨŝŶĂŶĐŝĂůƌĞƉŽƌƚŝŶŐĨƌĂŵĞǁŽƌŬĂŶĚƌĞƉƌĞƐĞŶƚƐƚŚĞƵŶĚĞƌůLJŝŶŐƚƌĂŶƐĂĐƚŝŽŶƐĨƌĞĞ ĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘

ŵƐƚĞƌĚĂŵ͕ Ϯϵ:ƵůLJϮϬϮϱ

ĞůŽŝƚƚĞĐĐŽƵŶƚĂŶƚƐ͘s͘

͘^ĐŚĞĨĨĞƌ

Brembo N.V.

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