De'Longhi

Investor Presentation • Jul 31, 2025

H1 & Q2 2025 Presentation

July 31st 2025

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 officer 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.

These are published financial data which, given the extension of the analysis period, may not be entirely comparable as a result of changes in the scope of consolidation or in the applicable accounting principles.

In this presentation:

• "Adjusted" stands for before non recurring items and cost of the share-based plans;
• "Constant exchange rates" means excluding the effects of exchange rates' variations and of hedging derivatives;
• "pro-forma" means including the consolidation of La Marzocco for 6 months in H1 2024;
• "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 1st June 30th);
• "NWC" stands for Net Working Capital;
• "Capex" stands for capital expenditures, i.e. investments in fixed assets;
• "FCF" stands for free cash flow before dividends, buyback and M&A;
• "Professional division" means the business combination between La Marzocco & Eversys;
• "Household division" includes the business not part of the professional division.

HIGH-IMPACT ACTIVATIONS AT PREMIER EVENTS

DēLonghi Group

Rivelia limited edition designed by ScombinAnto

LA MARZOCCO AT THE MILAN DESIGN WEEK

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EVERSYS AT THE WORLD OF COFFEE GENEVA

CONCIERGE

HI & Q2 2025 RESULTS

DēLonghi Group

Robust growth continues, reiterating the positive results of the last 2 years, notwithstanding a dynamic consumer environment

Improved profitability, thanks to a greater contribution from the professional and volume growth in the household

Solid free cash flow generation, despite the temporary net working capital absorption

Net cash position of around 346 M€, backing increased working capital needs and funding shareholders' remuneration

HIGHLIGHTS BY DIVISION (H1 2025)

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(Eur million)					1H 25		var.	var. %
Revenues	1,584.2	1,423.7	160.5	11.3%	829.0	764.9	64.1	8.4%
net ind. margin	837.3	726.8	110.5	15.2%	442 5	391 5	51.1	13.0%
% of revenues	52.9%	51.1%			53.4%	51.2%
adjusted Ebitda	240.7	204.7	36.0	17.6%	124.4	110.9	13.5	12.2%
% of revenues	15.2%	14.4%			15.0%	14.5%
Ebit	167.9	143.7	24.1	16.8%	87.7	79.0	8.7	11.0%
% of revenues	10.6%	10.1%			10.6%	10.3%
Net Income*	116.6	106.2	10.4	9.8%	59 3	54.8	4.4	8.1%
% of revenues	7.4%	7.5%			7.1%	7.2%
nortaining to the Groun

In the quarter:

• the net industrial margin stood at € 442.5 million, equal to 53.4% of revenues, compared to 51.2% in 2024, thanks to the increase in volumes, certain cost efficiencies and a better mix;
• the adjusted Ebitda was equal to € 124.4 million, 15.0% on revenues, improving by 50bps with respect to last year. This improvement was primarily driven by higher exposure to the professional business and operating leverage from the household division's growth, which more than offset increased media investments, higher logistics costs, and tariffs;

EUR million	Jun-25	Jun-24	Chq. 12 months	Dec-24	Chg. 6 months
Net working Capital	58.0	1.6	56.4	(96.9)	155.0
NWC. / Revenues	1.6%	0.0%	1.5%	-2.8%	4.4%
operating NWC	208.3	138.6	69.7	84.9	123.5
operating NWC / Revenues	5.7%	4.3%	1.4%	2.4%	3.3%
Net Cash Position	345.8	305.3	40.5	643.2	(297.5)

• In June 2025, the Group's Net Financial Position was positive at € 345.8 million, an improvement compared to € 305.3 million in June 2024, while the Net Financial Position toward banks and other lenders stood at € 475.2 million (compared to € 408.7 million in June 2024).
• The cash flow before dividends, buybacks and acquisitions was positive for € 296.0 million in the 12 months. In the first half, cash flow before dividends, buybacks and acquisitions was negative for € 45.8 million, mainly due to the effect of the cash absorption related to the increase in inventory, due to inventory build-up in the US and the usual business' seasonality.
• Operating working capital amounted to € 208.3 million, equal to 5.7% of revenues, mainly due to the increase in inventory. Investment spending was equal to € 42.8 million, decreasing by € 17.1 million with respect to the first half of 2024.

Solid growth continues for both Household and Professional divisions in H1

H1 & Q2 2025 Results

Enhancement of Adjusted EBITDA with 15.2% margin

About €M 350 of net cash position, even after funding buyback and dividend in FY25

Prompt reaction to tariffs thanks to flexible operational footprint & solid partnerships

Continuous and effective A&P investments, amplified by the upcoming global coffee campaign

Boosting global brand visibility through highimpact activations at premier events

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• Household business growth, capitalizing on positive market developments and driving categories expansion through product innovation and A&P investments

• Professional coffee expansion, continuous structural market growth, targeting luxury home partnership, together with two months of perimeter expansion

• Volume expansion coupled with a better product mix

• Perimeter expansion with two additional months of La Marzocco consolidation
• Continuous investments in A&P supportive of growth, optimising the incidence on revenues
• Negative impact of tariffs on the US market
• Controlled Opex increase to strengthen organizational structure

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

DēLonghi Group