De'Longhi

Earnings Release • Jul 31, 2024

H1 & Q2 2024 RESULTS

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 the audit on Consolidated Half Year Financial Statements is still in progress.

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
• At "constant perimeter" or "Organic" means excluding effects of the integration of the business combination between La Marzocco and Eversys
• "ForEx" or "FX" stand for Foreign Exchange Rates;
• "M" stands for million and "bn" stands for billion;
• "Q2" stands for second quarter (April 1st June 30th);
• "H1" stands for first half year (January 1 st – June 30th);
• "NWC" stands for Net Working Capital;
• "Capex" stands for capital expenditures, i.e. investments in fixed assets.

(Eur milion)	H1 24	H1 23	Q2 24	Q2 23
Revenues	1,423.7	1,291.2	764.9	688.8
change %	10.3%		11.0%
change at constant perimeter %	3.5%		1.5%
change at constant perimeter and
FX %	4.2%		1.5%

• H1-24 revenues were up by 10.3% (+11.0% in Q2-24), thanks to the change in perimeter and the continuation of the positive momentum for the Group's core categories (coffee and nutrition and food prep.).
• Organic growth in Q2-24 (+1.5% vs Q2-23) was affected by the weakness of the comfort segment in the peak of its seasonality due to an unfavourable climate condition in Europe and the aftermath of the discontinuation of the mobile airconditioning in the US.
• Excluding the comfort segment the household segment would have grown by 6.9% in Q2-24.

	Like for like Reported		Reported		Like for like
EUR milions	H1 24	chg. % vs	chg. % at costant	chg. % at costant	Q2 24	var. % vs	chg. % at costant	chg. % at costant
		LY	perimeter	perimeter& FX		IY	perimeter	perimeter& FX
South West Europe	505.2	9.2%	5.7%	5.3%	262.8	6.5%	1.5%	1.2%
North East Europe	369.0	14.7%	11.7%	13.3%	187.0	13.9%	9.4%	9.8%
EUROPE	874.2	11.5%	8.2%	8.6%	449.8	9.4%	4.7%	4.6%
MEIA (MiddleEast/India/Africa)	88.8	3.4%	-2.4%	-2.0%	49.6	19.3%	9.6%	8.9%
Americas	249.4	10.4%	-2.4%	-2.5%	143.7	10.6%	-5.9%	-6.8%
Asia-Pacific	211.3	8.2%	-5.6%	-3.3%	121.8	14.6%	-4.9%	-3.5%
TOTAL REVENUES	1,423.7	10.3%	3.5%	4.2%	764.9	11.0%	1.5%	1.5%

All geographies recorded a positive growth rate in the quarter, in particular:

• South-West Europe grew by 6.5%, corresponding to a mid-single digit organic growth that was partially affected by the weakness of the comfort business. Within this context, certain markets such as Austria, Switzerland and the Iberian Peninsula experienced an accelerated growth, aligned to the last twelve months trend;
• North-East Europe continues rallying, registering a growth of almost 14% in the quarter, (almost 10% organically). The second quarter is the fifth consecutive one of organic growth in the area;
• MEIA went back to growth, expanding at high-teens rate, 10% organic, after a harsh first quarter highly impacted by geopolitical uncertainty. Business expansion was driven by the coffee area and certain product categories within the nutrition and food preparation segment;
• America grew by 10.6%, thanks to the consolidation of La Marzocco. The organic perimeter slowed down mostly due to the aftermaths of the discontinuation of the mobile air-conditioning business. The core categories were up, thanks to a solid expansion of Nutribullet's product and positive developments on the fully auto coffee makers and Nespresso's capsule systems
• finally, the Asia Pacific region grew at mid-teens rate thanks to the consolidation of La Marzocco which offset the slight organic decrease in certain countries.

REVENUES BY KEY MARKET (%) H1-24

Main Ups & Downs (at constant FX and perimeter)

REVENUES BY PRODUCT LINE (%) H1-24

Main Ups & Downs (at constant FX and perimeter) Fully auto coffee makers UP Personal & hand blenders; double-digit Ironing UP Blenders, single-digit Capsule Systems Pump coffee makers Deep fryers, Down Comfort

(Eur million)	H1 24	H1 23	Chg.	Chg. %	Q2 24	Q2 23	Chg.	Chq. %
Revenues	1,423.7	1,291.2	132.5	10.3%	764.9	688.8	76.1	11.0%
net ind. margin	726.8	640.2	86.7	13.5%	391.5	335.8	55.7	16.6%
% of revenues	51.1%	49.6%			51.2%	48.8%
adjusted Ebitda	204.7	160.1	44.5	27.8%	110.9	85.8	25.1	29.2%
0/0 of revenues	144%	12.4%			14.5%	12.5%
Ebitda	199.7	159.0	40.7	25.6%	108.5	83.5	25.0	29.9%
of revenues 0/0	14.0%	12.3%			14.2%	12.1%
Ebit	143.7	108.1	35.6	32.9%	79.0	58.0	21.0	36.1%
% of revenues	10.1%	8.4%			10.3%	8.4%
Net Income*	106.2	82.7	23.5	28.4%	54.8	44.0	10.9	24.7%
% of revenues	7.5%	6.4%			7.2%	6.4%

In the quarter:

• net industrial margin was up to 51.2% of sales from 48.8% in 2023; positive contributions from the price-mix and certain industrial costs;
• adjusted Ebitda margin strongly improved reaching 14.5% of sales from 12.5% in 2023. Improvement in profitability was driven by the turnover's expansion, a better product mix and rigorous cost control in the organic perimeter, as well as the consolidation of La Marzocco.

FUR million	30-Jun-24	30-Jun-23	change 12 months	Dec 31st, 23	change 6 months
Net working Capital	1.6	90.7	(89.1)	(82.8)	84.4
NWC / Revenues	0.0%	3.0%	-3.0%	-2.7%	2.7%
operating NWC	138.6	206.6	(68.0)	61.1	77.5
operating NWC / Revenues	4.3%	6.9%	-2.6%	2.0%	2.3%
Net Financial Position	305.3	311.7	(6.4)	662.6	(357.3)
Net Bank Position	408.7	403.8	4.9	761.7	(352.9)
Net Equity	2,008.1	1,639.2	368.9	1,811.1	196.9

• The Group closed the first half of 2024 with a positive Net Financial Position at € 305.3 million, in line with 2023 notwithstanding the cash absorption experienced in 1Q-24 for the acquisition of La Marzocco;
• Free Cash Flow before dividends and M&A was equal to € 74.3 million in the six months and € 425.2 million in the 12 months;
• In details, operating working capital (4.3% of 12-month rolling revenues) improving vs last year.

KEY TAKEAWAYS

The Group confirmed its positive momentum in H1-24, capitalising on structural coffee market growth and meeting new consumers' nutrition and food preparation needs.

Strong profitability improvement compared to H1-23 thanks to turnover's expansion, easing of industrial costs and rigorous cost control and inorganically, through the consolidation of La Marzocco.

The Group ended with a positive Net Financial Position of € 305.3 million after producing over the last 12 months € 425 million of Free Cash Flow before dividends and acquisition due to excellent working capital management and strong cash generation from current operations.

The general outlook for our core products and markets remains positive, notwithstanding the uncertainty characterizing the current macroeconomic scenario.

DēLonghi Group

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FY 2024 GUIDANCE

In the words of the C.E.O., Fabio de' Longhi:

"The Group achieved an expansion in turnover of more than 10% also in the second quarter, benefiting both from the consolidation of the professional coffee area and from the continuation of development in the core categories, despite the marked weakness of the comfort segment, net of which the household growth in the quarter was 6.9%.

In the home coffee machine segment, we were able to further increase our market share, taking advantage of a structurally expanding reference sector. Furthermore, the nutrition and food preparation area has consolidated the positive trend witnessed in recent quarters, also thanks to the recent launches of new products that are increasingly focused on a consumer approach to a healthy diet.

The evolution of turnover, an improvement in the product mix and careful cost management have allowed us to significantly improve the marqin profile at constant perimeter, further increasing the Group's profitability with the consolidation of La Marzocco.

The current context of business evolution allows us to reaffirm the guidance for the year, albeit aware of the variability of the current macroeconomic and geopolitical scenario. We therefore confirm revenue growth in the 9%-11% range, including the expansion of the perimeter. In terms of margins, the quarterly results reinforce the expectation of reaching the upper end of the quidance which foreses an adjusted Ebitda in the range of €500-530 million for the new perimeter"

Adjusted EBITDA of around €500-530M

* Guidance on revenues and adj Ebitda estimation between La Marzoco and Eversys from March 1, 2024.

Contacts:

Investor Relations:

Samuele Chiodetto, Sara Mazzocato T: +39 0422 4131 e-mail: investor.relations@delonghigroup.com

Media relations:

T: +39 0422 4131 e-mail: media.relations@delonghigroup.com

On the web: www.delonghigroup.com