De'Longhi — Investor Presentation 2023

May 11, 2023

Q1-23 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;
• "M" stands for million and "bn" stands for billion;
• Q1 stands for first quarter (January 1st March 31st);
• "NWC" stands for Net Working Capital;
• "Capex" stands for capital expenditures, i.e. investments in fixed assets.

Q1-23 RESULTS

TrueBrew™

• THE IDEAL GRIND, DOSAGE AND BREW

Using De 'Longhi's proprietary Bean Extract Technology, TrueBrew™ automatically grinds, doses, and brews each cup with precision and satisfying perfection.

6 BREW SIZES p

TrueBrew™ crafts quality coffee for a more personalized experience

5 BREW STYLES p

Choose between light, gold, bold, espresso-style, and over-ice, and taste a different cup every time.

• MESS FREE / WASTE FREE

De'Longhi's Auto-Clean functionality eliminates messy clean-ups by disposing of coffee grounds into condensed pucks

• Q1-23 revenues were down by 18.1%, including a positive currency effect 0,6%;
• The start of the year was impacted by some already anticipated factors:
  • a challenging comparison with the extraordinary growth in the first months of the previous 2 years (respectively +59% in '21 and +5.5% in '22 on a L for L basis);
  • a partial de-stocking effect from retailers;
  • the Group's strategic decision to exit the portable air conditioning market in the US, which caused a gap of € 23.4 million in the Q1;

million E UR	Q1-23	var. %	var. % at tant cons F X
outh S Wes E t urope	215 8	-24 1%	-24 7%
North E E t as urope	157 3	-7 4%	-7 5%
E UR OP E	373 2	-17 9%	-18 3%
(MiddleE t/India/Africa) ME IA as	44 3	-25 4%	-28 2%
Americas	96 0	8% -27	6% -30
acific ia-P As	89 0	3% 0	2% 3
OT S T AL R E VE NUE	602 4	-18 1%	-18 7%

• the South-Western Europe area recorded a double-digit decline, with all the main markets in negative territory; in the last quarters, the European area has been strongly affected by the negative effects of the geopolitical tensions and the weakening of consumers' purchasing power caused by inflation.
• the turnover of North-Eastern Europe showed a decline at a mid-to-high single digit rate, in a complex and evolving macroeconomic and geopolitical scenario;
• the MEIA area has undergone a double-digit decline, compared with a strong growth trend achieved in the last two years;
• in the America area, sales performance was affected by the discontinuity relating to the exit from mobile air conditioning, which caused a gap of € 23.4 million in the Q1; net of this effect, we report a recovery in the cooking and food preparation business, thanks to the growth of Nutribullet brand products;
• finally, the Asia Pacific region achieved a low single digit growth at constant exchange rates, with a significant contribution from "greater China", which confirmed its sustained growth.

Q1-23 RESULTS REVENUES BY MARKET

Main Ups & Downs (at constant FX)

Q1-23 RESULTS

REVENUES BY PRODUCT LINE

Main Ups & Downs (at constant FX)

(Eur million)	Q1-23	Q1-22	Change %
ind	304	375	-19
. margin	4	6	0%
net
%	50	51
of	5%	1%
revenues
adjusted Ebitda	74 3	100 1	-25 7%
of	12	13
%	3%	6%
revenues
Ebitda	75	93	-19
	5	5	2%
%	12	12
of	5%	7%
revenues
Ebit	50	69	-27
	1	1	5%
%	8	9
of	3%	4%
revenues
Net Income (pertaining Group) to the	38 7	50 6	-23 5%
of	6	6
%	4%	9%
revenues

• the net industrial margin amounted to € 304.4 million, equal to 50.5% of revenues (51.1% in 2022); against the positive contributions of the price-mix and the recovery of transport prices, there is still a residual negative effect from raw materials and production inefficiencies which will have to find a full recovery in the coming months;
• adjusted Ebitda amounted to €74.3 million, or 12.3% of revenues (13.6% in 2022), following investments in communication and marketing which, while remaining constant with 2022 as a percentage of revenues (at 12.1%), decreased in value by € 15.7 million, settling at € 73.1 million.

EUR million	31 3 2023	31 3 2022	change (12 months)
operating NWC	256 6	334 7	-78.1
Equity Net	1 682 7 ,	1 632 3 ,	50.4
Net	317	274	42.6
Financial	2	6
Position
Net	399	356	42.5
Bank	2	7
Position
/	5%	2%	-1.7%
oper. NWC	8	10
Revenues

• The Group closed the first quarter of 2023 with a positive Net Financial Position at € 317.2 million, improving versus the figure at the end of 2022;
• the Free Cash Flow before dividends and M&A was equal to € 18.5 million in the quarter and € 167.1 million in the 12 months (April to March).
• In details, In terms of operating working capital (8.5% of 12-month rolling revenues), the negative change in inventories was more than counterbalanced by the positive cash generation of trade receivables and payables' management. It should also be noted that capital expenditure absorbed € 19.2 million in the quarter, a clear decrease compared to LY, which recorded the disbursement for the acquisition of the new production plant in Romania.

3 MONTHS NET CASH FLOW

Q1-23 RESULTS KEY TAKEAWAYS

The Q1-23 was characterized by an unfavourable and complex geopolitical and macroeconomic backdrop, in continuity with the scenario encountered in the second half of '22.

The Group closed the Q1-23 with a positive Net Financial Position improving respect to the end of 2022 figure, thanks to lower investments and a stabilization of the working capital constituents (in particular the normalization of the inventory)

The Group has been able to achieve a profitability improving vs the first quarters of the pre-pandemic years ('19 and '20). Moreover, it should be noted that in the quarter the impact of the increase in some of the production costs was limited and offset by operating cost containment and price-mix contribution.

The start of the year was impacted by some already anticipated factors: 1) a challenging comparison respect to the two previous years, 2) a more cautious approach from some distributors, 3) the Group's strategic decision to exit the portable air conditioning market in the United States.

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DeLonghi Group (DeLonghi) KENWOOD BRAUN nutribullet. - Ariete

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

Contacts:

Investor Relations:

Fabrizio Micheli, Samuele Chiodetto 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