De'Longhi — Earnings Release 2022

May 12, 2022

Q1-22 RESULTS

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This presentation might contain certain forward-looking statements that reflect the company's current views with respect to future events and financial and operational performance of the company and its subsidiaries.

Forward looking statements are based on De' Longhi's current expectations and projections about future events. The forward looking statements involve certain risks and uncertainties that could cause actual results to differ materially from those contained in the forward looking statements. Potential risks and uncertainties include such factors as general economic conditions, foreign exchange fluctuations, competitive product and pricing pressures and regulatory developments, many of which are beyond the ability of De' Longhi to control or estimate. Consequently, De' Longhi S.p.A. cannot be held liable for potential material variance in any looking forward in this document.

Any forward-looking statement contained in this presentation speaks only as of the date of the document. Any reference to past performance or trends or activities of De' Longhi S.p.A. shall not be taken as a representation or indication that such performance, trends or activities will continue in the future. De' Longhi S.p.A. disclaims any obligation to provide any additional or updated information, whether as a result of a new information, future events or results or otherwise.

This presentation does not constitute a public offer under any applicable legislation or an offer to sell or solicitation of an offer to purchase or subscribe for securities or financial instruments or any advice or recommendation with respect to such securities or other financial instruments.

The manager responsible for preparing the company's financial reports declares, pursuant to paragraph 2 of Article 154-bis of Legislative Decree no. 58 of February 24 1988, that the accounting information contained in this presentation corresponds to the results documented in the books, accounting and other records of the company.

Finally, it should be noted that 1 st quarter figures are not subject to audit.

In this presentation:

• "Adjusted" stands for before non recurring items and notional cost of the stock option plans
• "At constant exchange rates" means excluding the effects of exchange rates' variations and of hedging derivatives
• "ForEx" or "FX" stand for Foreign Exchange Rates;
• "Like-for-like" or "LFL" or "at constant perimeter" stand for excluding the consolidation of Eversys;
• "M" stands for million and "bn" stands for billion;
• "Organic" stands for at constant exchange rates
• Q1 stands for first quarter (January 1st March 31st);
• "Reported" stands for official data including the consolidation of Eversys since April 1st , 2021 (following the acquisition finalized last year).
• The comparative data as of March 31, 2021 have been restated in accordance with IFRS 3, as a result of the definitive accounting of the business combination relating to Capital Brands.

(Eur million)	Q1 2022 -	Q1 2021 -
Revenues	735 5	678 7
change %	8 4%
% perimeter at constant	5 5%
Ebitda adjusted	100 1	128 6
% of revenues	13 6%	18 9%

• Q1-2022 revenues grew by 8.4% or 5.5% at constant perimeter;
• The main geographic areas, with the exception of North-Eastern Europe, closed the quarter in positive territory;
• In the quarter, coffee makers were the main driver for the Group's performance, sustained by the increase in investments in communication, innovation and marketing implemented by the Group in the last few years.

EUR million	Q1 - 2022	var. %	var. % at constant FX
South-West Europe	284.5	3.9%	3.5%
North-East Europe	170.0	-7.1%	-6.9%
EUROPE	454.5	-0.5%	-0.7%
AMERICA	132.9	32.3%	24.2%
MEIA (MiddleEast/India/Africa)	59.4	13.8%	6.9%
ASIA-PACIFIC	88.8	27.7%	20.1%
TOTAL REVENUES	735.5	8 4%	5 7%

• South-western Europe grew by 3.9% in the quarter, thanks to the expansion of Germany at a double digit growth rate and the high single digit development of the Iberian region and Austria;
• North-eastern Europe recorded a negative performance, both due to the difficult geopolitical situation that affected consumers' sentiment in some countries and to the particularly challenging basis of comparison vs. last year in the UK market (Q1-21 revenues were up 93% on a LFL basis);
• MEIA ended the quarter with a double-digit performance, thanks to the expansion of the main markets of the region;
• the America region has further expanded its size (from ca.15% to ca.18% in Q1), delivering a significant doubledigit growth thanks to the development of the coffee business and an early sales season of portable air conditioners;
• finally, Asia Pacific was up 28%, driven by a strong growth in Greater China as well as by a significant development of the other main markets in the area (Australia and New Zealand, Japan, South Korea).

Q1-22 RESULTS REVENUES BY MARKET

Main Ups & Downs (at constant FX)

DēLonghi Group

KENWOOD

(Eur million)	Q1 2022 -	Q1 2021 -
ind	375	355
. margin	6	1
net
%	51	52
of	1%	3%
revenues
adjusted Ebitda	100 1	128 6
%	13	18
of	6%	9%
revenues
Ebitda	93 5	121 7
of	12	17
%	7%	9%
revenues
Ebit	69 1	100 9
%	9	14
of	4%	9%
revenues
Net Income (pertaining the Group) to	50 6	75 4
of	6	11
%	9%	1%
revenues

net industrial margin , stood at 51.1 % of revenues compared to 52.3 % last year, (but at constant exchange rates, the margin would have stood at 52.6 % , improving vs. last year) ;

• adjusted Ebitda amounted to 100.1M€, equal to 13.6 % of revenues (compared to 18.9 % in 2021 and 10.7 % in 2020), down vs last year due to:
• higher investments in A&P,
• negative fx effect and
• higher opex.

On the positive side, price -mix partially offset the pressure coming from the cost inflation.

million EUR	31 3 2022	31 12 2021	change (3 months)	31 3 2021	change (12 months)
operating NWC	334 7	199 7	135 0	253 1	81 5
Equity Net	1 632 3 ,	1 570 6 ,	61 7	1 372 8 ,	259 5
Financial Position Net	274 6	425 1	-150 5	314 1	-39 5

• Net financial position as at 31.3.2022 stood at 274.6 M€, decreasing from 2021 year end, due to investments (higher than Q1-21) and increased inventory level;
• over the last 12 months, the Free Cash Flow before dividends (€ 80.8 million) and acquisitions (€ 129.4 million) was 170.7 M€, thanks to a strong cash flow from operating activity;
• in more details, in the first quarter:
• capex amounted to € 56.8 million (an increase of € 36.9 million vs LY), including the 21 M€ acquisition of a new plant in Romania);
• the ratio of operating working capital on revenues stood at 10.2%, compared to 6.2% at the end of 2021 and 9.6% at end of March 2021.

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Q1-22 RESULTS FY 2022 GUIDANCE

Massimo Garavaglia, Group C.E.O.:

"We are very satisfied with the results of this first quarter, even more significant in light of the difficult comparison with the first quarter of 2021 which had recorded exceptional results with revenues growing by around 60% on a like-for-like basis.

At the start of the year, our group is responding with determination to the numerous challenges posed by a highly complex and rapidly evolving macroeconomic and geopolitical scenario, in which cost inflation and difficulties in the supply chain are added to the fears of the impacts of the military escalation in Eastern Europe on the consumption dynamics.

However, despite the presence of a strongly evolving macroeconomic context, in light of the current elements we are not changing the previous guidance.

In conclusion, we remain convinced that the strategy of focusing on the core categories - in particular the coffee one - of constant investment in products and our brands, of geographical development and of discipline in price management, remains the winning strategy for the creation of value in the medium and long term ".

FY 2022 guidance (confirmed)

ORGANIC REVENUES in line with last year.

KENWOOD

Adjusted EBITDA at around €450 million

DēLonghi Group

BRHUN nutribullet. -Ariete

$+$

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Contacts:

Investor Relations:

Fabrizio Micheli, Samuele Chiodetto $T: +3904224131$ e-mail: investor.relations@delonghigroup.com

Media relations:

Mattia Rosati $T: +3904224131$ e-mail: media.relations@delonghigroup.com

On the web: www.delonghigroup.com