Elica

Earnings Release • Oct 30, 2024

IR Elica S.p.A.:

Francesca Cocco Lerxi ConsulEng – Investor RelaEons Tel: +39 (0)732 610 4205 E-mail: investor-relaEons@elica.com

Elica S.p.A.:

Alice Casadio Corporate & Internal CommunicaEon E-mail: a.casadio@elica.com

Press Office: Havas PR

ValenEna Burlando M +39 335.6182360 valenEna.burlando@havaspr.com Giulia Bertelli M +39 340.1453906 giulia.bertelli@havaspr.com

ELICA BOD APPROVES 9M 2024 RESULTS

AGAINST AN ONGOING MARKET CONTRACTION Q3 REVENUE OF EURO 104.2 MILLION (-1.1% ORGANIC VS Q3 2023), DRIVEN BY:

• § MOTORS DIVISION: +9.0%, THANKS TO INCREASED EUROPEAN MARKET SHARE, DESPITE SECTOR CHALLENGES AND FURTHER DECLINE OF TURKISH MARKET
• § COOKING DIVISION: -4.0%, IN LINE WITH MARKET DEMAND. NORTH AMERICAN GROWTH CONTINUES THANKS TO HIGHLY-EFFECTIVE DIRECT DISTRIBUTION STRATEGY

9M REVENUE OF EURO 341.6 MILLION (-4.8 % ORGANIC VS 2023).

MARGINS IN LINE WITH EXPECTATIONS AND CONSISTENT WITH THE FIRST HALF OF THE YEAR: THE STRONG FOCUS ON COST CONTROL PARTIALLY BALANCES THE INTENSE PROMOTIONAL ACTIVITY AND THE GROWING INVESTMENTS IN THE TRANSFORMATION OF THE COOKING DIVISION

Q3 ADJUSTED EBITDA OF EURO 7.9 MILLION (11.4 IN Q3 2023), WITH A MARGIN ON REVENUES OF 7.6% (10.8% IN Q3 2023). 9M ADJUSTED EBITDA OF EURO 24.6 MILLION (EURO 37.4 MILLION IN 9M 2023), MARGIN ON REVENUES AT 7.2% (VS 10.4% IN 9M 2023),

POSITIVE IMPACT OF APPROX. EURO 6.0 MILLION FROM SALE OF 4.78% STAKE IN ELICA PB INDIA TO WHIRLPOOL

SOLID FINANCIAL POSITION AND IN LINE WITH THE PREVIOUS QUARTER

***

Fabriano, October 30, 2024 – The Board of Directors of Elica S.p.A. has approved the results at September 30, 2024, prepared in accordance with IFRS accounEng standards.

***

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

"We con4nue to operate within a challenging marketplace which requires an effec4ve medium/long-term vision. Extraordinary Cooking means transforming ourselves to lead the cooking market, while maintaining true to those values which have driven every project, design, performance and innova4on. It is a complex journey involving the product, posi4oning, and communica4on, although we tackle this opportunity with confidence. The great interest shown by our customers in the launch and ini4al distribu4on of the LHOV product is a clear signal that the market believes in our project" stated Francesco Casoli, ExecuYve Chairperson of Elica.

"The results for the first nine months were in line with expecta4ons, despite an even weaker-than-expected market. Our priori4es do not change as they are medium/long-term in nature: cooking transforma4on, expanded direct distribu4on in North America and Europe - including through M&A's - and growing the market share of both our Cooking and Motors OEM customers. All this while ensuring financial stability amid slowly recovering demand" stated Giulio Cocci, Chief ExecuYve Officer of Elica.

***

9M 2024 Key Financial Highlights

Revenue: Euro 341.6 million;

Adjusted EBITDA1: Euro 24.6 million (7.2% margin on revenues);

Adjusted EBIT2: Euro 7.4 million (2.2% margin on revenues);

Net Profit3: Euro 7.4 million;

Group Net Profit: Euro 6.4 million. The MinoriEes profit was Euro 1.0 million;

Adjusted Net Financial PosiYon4: net debt of Euro 47.6 million (excluding IFRS 16 effect for Euro 11.1 million).

Elica Group 9M 2024 Opera<ng Performance

Revenue Euro 341.6 million (-5.2% vs 9M 2023, -4.8% organic), with a sequenEal Q/Q improvement, thanks to growth in North America, driven parEcularly by the successful new distribuEon strategy and growth on the EMEA OEM segment. Q3 revenue was Euro 104.2 million, in line with the same period of 2023 (- 1.3%, -1.1% organic). The substanEal EMEA demand weakness conEnued, parEcularly in the Cooking division.

The Cooking division, accounEng for 78% of total revenue, contracted 4.0% (-3.6% organic), with EMEA own brand sales parEcularly affected (-8.0% at

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¹ The indicated value was adjusted for the extraordinary negative effects from the reorganisation transactions and SG&A costs for Euro 0.6 million, the costs incurred for the Cooking transformation activities for Euro 0.9 million and other accessory charges, principally concerning the sale of the stake in Elica India PB for Euro 0.3 million.

² The value was adjusted considering the extraordinary effects in line with EBITDA.

³ The indicated value includes the posiJve impact of Euro 6.4 million from the sale by Elica of a 4.78% stake held in Elica PB India to Whirlpool of India Limited.

⁴ The value indicated is net of the IFRS 16 effect and of the payables for investment acquisitions, as outlined in the NFP table.

constant exchange rates) compared to the first nine months of 2023, in line with general market developments, in parEcular in France and Germany. OEM sales (third party brands channel) however saw growth of +8% on 9M 2023, thanks to the entry of new customers, while slightly declining in Q3. Finally, North American business growth conEnued (+6% vs 9M 2023), thanks to the launch of new products, the new distribuEon strategy implemented and the entry of new OEM customers.

The Motors division, which accounts for 22% of total revenue, saw sales contract 9% (-8.8% organic) in the first nine months of the year, while up +9.0% (+9.1% organic) in the quarter thanks to the strategic partner market share growth, parEcularly in the EMEA region.

• Adjusted EBITDA Euro 24.6 million (Euro 37.5 million in 9M 2023), with a margin on revenues of 7.2% (10.4% in 9M 2023). A negaEve price mix impacted the first nine months of the year, in addiEon to a marketplace featuring a significant degree of promoEonal acEvity. In addiEon, the costs incurred by Elica to support product growth and rebranding impacted the result, and were only parEally offset by SG&A cost controls and the reducEon of raw material costs.
• Adjusted EBIT Euro 7.4 million (Euro 19.4 million vs 9M 2023), with a margin on revenues of 2.2% (5.4% in 9M 2023).
• Net financial expense at 1.7 million euros, compared with -4.3 million euros in the same period of the previous year. Financial income included approximately 7.7 millions euro from the sale of 4.78% of the share capital of the Indian investee ELICA PB Whirlpool Kitchen Appliances Private Limited to Whirlpool of India Limited. Net of the proceeds related to this sale, financial items as of September 30, 2024 amounted to -6.0 million euros.
• Adjusted Net Profit Euro 2.2 million, compared to Euro 11.6 million in 9M 2023.
• Adjusted Group Net Profit Euro 1.1 million, compared to Euro 10.6 million in 9M 2023. The MinoriEes profit was approx. Euro 1.0 million.

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

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In Euro thousands revenue Revenue 341,573 360,154 Adjusted EBITDA 24,620 7.2% 37,450 10.4% EBITDA 22,847 6.7% 36,158 10.0% Adjusted EBIT 7,415 2.2% 19,397 5.4% EBIT 5,642 1.7% 18,105 5.0% Net financial expense 1,707 0.5% (4,279) (1.2%)		9M 2024	% revenue	9M 2023	%	24 Vs 23%
						(5.2%)
						(34.3%)
						(36.8%)
						(61.8%)
						(68.8%)
						139.9%
	Income taxes	61	0.0%	(3,153)	(0.9%)	101.9%
Profit from continuing operations 7,410 2.2% 10,673 3.0%						(30.6%)
Adjusted Net Profit for the period 2,179 0.6% 11,655 3.2%						(81.3%)
Net profit for the period 7,410 2.2% 10,673 3.0%						(30.6%)
Adjusted Group Net Profit 1,139 0.3% 10,564 2.9%						(89.2%)
Group Net Profit 6,370 1.9% 9,582 2.7%						(33.5%)
Earnings/(loss) per share on continuing operations
and discontinued operations (Euro/cents) 10.33 15.35						(32.7%)
Diluted earnings/(loss) per share on continuing
operations and discontinued operations
(Euro/cents) 10.33 15.35						(32.7%)

	Q3 2024	% revenue	Q3 2023	%	24 Vs 23%
In Euro thousands				revenue
Revenue	104,223		105,609		(1.3%)
Adjusted EBITDA	7,913	7.6%	11,391	10.8%	(30.5%)
EBITDA	7,039	6.8%	11,100	10.5%	(36.6%)
Adjusted EBIT	2,305	2.2%	5,240	5.0%	(56.0%)
EBIT	1,431	1.4%	4,949	4.7%	(71.1%)
Net financial expense	5,276	5.1%	(2,003)	(1.9%)	363.4%
Income taxes	(445)	(0.4%)	(780)	(0.7%)	43.0%
Profit from continuing operations	6,262	6.0%	2,166	2.1%	189.1%
Adjusted Net Profit for the period	348	0.3%	2,387	2.3%	(85.4%)
Net profit for the period	6,262	6.0%	2,166	2.1%	189.1%
Adjusted Group Net Profit/(loss)	(22)	(0.0%)	2,031	1.9%	(101.1%)
Group Net Profit	5,892	5.7%	1,810	1.7%	225.5%
Earnings/(loss) per share on continuing operations
and discontinued operations (Euro/cents)	9.55		2.92		226.9%
Diluted earnings/(loss) per share on continuing
operations and discontinued operations
(Euro/cents)	9.55		2.92		226.9%

Elica Group Equity and Financial Performance Analysis

at September 30, 2024

Adjusted Net	Euro -47.6 million at September 30, 2024 (excluding the IFRS 16 effect of Euro
Financial PosiYon	11.1 million), slightly increasing on the previous quarter in view of the normal

business condiEons and despite the pressure on margins.

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The main impacts on the net financial posiEon at September 30, 2024 were from:

• Proceeds of 7.0 millions euro from the sale of 4.78% of the share capital of the Indian investee company ELICA PB Whirlpool Kitchen Appliances Private Limited to Whirlpool of India Limited.

• Adequate working capital management through strategic iniEaEves implemented in previous years, including the "Supply Chain Finance SoluEon" program and a stock opEmizaEon process pursued by the Group;

• Capex of -10.4 millions euro (excluding IFRS 16 effect), down from the same period of the previous year (11.5 millions euro) confirming an adequate balance between financial management and investments in innovaEon and product development. The investments concern, in parEcular, the brand reposiEoning project, which includes a transformaEon process towards a "Cooking" company concept, through the extension of the cooking product range including the innovaEve LHOV product;

• payment of the planned tranche related to the acquisiEon of AirForce for 0.5 millions euro;

• to the execuEon of the share buyback plan for approximately -1.1 million euros;

• to cash out related to dividends to minoriEes and other financial items for - €9.4 million;

Leverage was 1.5x (1.0x in 9M 2023), despite the EBITDA Margin pressure related to the above-outlined market dynamics. The net financial posiYon highlights the solidity of the Group's medium-term strategic plan.

OperaYng FCF at 6.9 million euros, compared with 9.0 millions euro recorded as of September 30, 2023. The percentage of revenue mooved from 1.8% as of September 30, 2023 to 1.5% as of September 30, 2024.

In Euro thousands	30/09/2024	31/12/2023	30/09/2023
Cash	55,305	39,403	36,723
Bank loans and borrowings (current)	(60,033)	(43,467)	(30,660)
Bank loans and borrowings (non-current)	(42,828)	(37,236)	(53,042)
Adjusted Net Financial Position	(47,556)	(41,300)	(46,979)
Lease liabilities IFRS 16 (current)	(3,846)	(4,240)	(3,777)
Lease liabilities IFRS 16 (non-current)	(7,223)	(7,944)	(8,827)
Adjusted Net Financial Position - Including IFRS
16 impact	(58,625)	(53,484)	(59,583)
Other payables for purchase of investments	(500)	(1,000)	(1,000)
Net Financial Position	(59,125)	(54,484)	(60,583)

Managerial Working Capital

Managerial Working Capital on annualised revenue was 4.3% in 9M 2024, compared to 3.9% in 9M 2023.

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In Euro thousands	30/09/2024	31/12/2023	30/09/2023
Trade receivables	40,952	26,731	30,757
Inventories	93,844	90,874	109,063
Trade payables	(115,180)	(107,025)	(121,225)
Managerial Working Capital	19,616	10,580	18,595
% annualised revenue	4.30%	2.20%	3.90%
Other net assets/ liabilities	(2,841)	444	1,625
Net Working Capital	16,775	11,024	20,220

***

Significant events in 9M 2024

January 30, 2024 - sponsorship signed with DucaE's Corse team, ahead of the start of the 2024 Moto GP world championship. Elica officially debuted with DucaE Corse at the Qatar Grand Prix.

February 13, 2024 - the Board of Directors of Elica S.p.A. approved the addiEonal periodic disclosure for the fourth quarter of 2023, prepared according to IFRS and the 2023 preliminary consolidated results.

March 14, 2024 - the Board of Directors of Elica S.p.A. approved the consolidated results at December 31, 2023 and the statutory financial statements at December 31, 2023, prepared in accordance with IFRS, in addiEon to the Directors' Report.

March 21, 2024 - Elica and Cooking: new posiEoning unveiled, driven by innovaEon, creaEvity and design. Elica marked an important milestone in its evoluEon with a new posiEoning, revoluEonary products and

a completely revamped brand idenEty, presented at Eurocucina 2024.

April 3, 2024 - second part of the Elica ordinary share Buyback plan concludes, announced to the market on October 26, 2023 and beginning on November 6, 2023, in execuEon of the Shareholders' MeeEng resoluEon of April 27, 2023 (the "Buyback Plan"), according to the condiEons previously announced to the market. In the period between November 6, 2023 and April 3, 2024, Elica acquired 350,000 ordinary shares (equal to 0.55% of the share capital), with a total value of Euro 720,504 and a volume-weighted average price of Euro 2.06. As a result of the purchases made, Elica holds a total of 1,326,173 treasury shares, equal to 2.09% of the share capital.

On April 24, 2024 - the Shareholders' MeeEng of Elica S.p.A., meeEng in ordinary session, approved the 2023 Annual Accounts of Elica S.p.A., the Directors' Report, the Non-Financial Report and viewed the Board of Statutory Auditors' Report and the Independent Auditors' Report. The Shareholders' MeeEng also noted the consolidated results for 2023. On the same date, the members of the Board of Directors and Board of Statutory Auditors were appointed to serve unEl the approval of the 2026 Annual Accounts. Purchase and disposal of treasury shares authorised.

April 24, 2024 - Elica S.p.A. announces that on April 24, 2024 the third tranche of the Elica ordinary share Buyback plan concluded, announced to the market on March 14, 2024 and launched on April 2, 2024, in execuEon of the Shareholders' MeeEng resoluEon of April 27, 2023.

In the period between April 4, 2024 and April 19, 2024, Elica acquired 45,546 ordinary shares (equal to 0.07% of the share capital), with a total value of Euro 85,934 and a volume-weighted average price of Euro 1.89.

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

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As a result of the purchases made, Elica held a total of 1,371,719 treasury shares, equal to 2.17% of the share capital.

The Company also announced the launch from April 26, 2024 of a new treasury share buyback programme authorised by the Shareholders' MeeEng of April 24, 2024 (the "Buyback Plan") according to the terms previously disclosed to the market. In execuEon of this Shareholders' MeeEng resoluEon, from April 26, 2024 and unEl the Shareholders' MeeEng called to approve the 2024 financial statements, a Buyback Plan was launched, for a maximum 1,000,000 treasury shares (represenEng approx. 1.6% of the subscribed and paid-in share capital).

May 9, 2024 - the parent company Elica Spa signs with a syndicate of four banks - BNL BNP Paribas as coordinaEng bank and agent bank, Intesa Sanpaolo S.p.A. (IMI-CIB Division), BNL BNP Paribas, Crédit Agricole Italia S.p.A. and UniCredit S.p.A., as mandated lead arrangers, agreed a medium-term cash line for up to Euro 70 million, with final maturity of five years from the signing date. The cash line made available by the lending banks is mainly to support medium/long-term needs, in addiEon to the investment plan for 2024 and 2025 of Elica S.p.A. and its subsidiaries.

June 20, 2024 - Lhov, Elica's kitchen soluEon, was awarded the "Compasso D'Oro", an internaEonal design award in its 28th ediEon.

July 30 – The Board of Directors of Elica S.p.A. approves the H1 2024 results, prepared in accordance with IFRS accounEng standards.

September 19 - The Shareholders' MeeEng of Elica S.p.A., which convened in an extraordinary session, resolved on the amendment of the ArEcles of AssociaEon and, in parEcular, on the amendment of ArEcle 8 of the ArEcles of AssociaEon to introduce ordinary and enhanced voEng.

The Extraordinary Shareholders' MeeEng approved amendments to the ArEcles of AssociaEon mainly concerning the following: 1) the asribuEon of two votes to each share belonging to the same person with enEtlement to exercise voEng rights for a conEnuous period of twenty-four months from the date of inclusion in the special list; 2) the asribuEon of an addiEonal vote upon the expiraEon of the twelvemonth period following the accrual of the twenty-four-month period referred to in the preceding point, to each share belonging to the same person included in the special list, up to a total maximum of three votes per share (including the increased vote referred to in the preceding point). For further informaEon on the subject, please refer to the contents of the shareholders' meeEng documents at the following link Shareholders ' MeeEng | Elica Corporate, the press releases issued on the subject in accordance with the law and the contents of the following link Increased Vote | Elica Corporate.

September 20 - Closing for the sale to Whirlpool of India Limited of 4.78% of the share capital of the Indian investee ELICA PB Whirlpool Kitchen Appliances Private Limited ("Elica PB India") for approx. Euro 8.2 million. Concurrently with Whirlpool of India Ltd.'s purchase of the shareholding, Elica PB India renewed a Trademark & Technical License Agreement with Elica S.p.A., which provides for the exclusive use of the Elica trademark in India and non-exclusively in Nepal and Bangladesh for the markeEng of kitchen & cooking sector products, with an iniEal duraEon of fourteen years and which includes guaranteed minimum royalEes which increase over Eme.

As a result of the purchases made, at September 30, 2024 Elica held a total of 1,637,998 treasury shares, equal to 2.59% of the share capital.

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

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Outlook

In the first nine months of 2024, the downward trend in the Cooking segment conEnued, compounded by a negaEve price mix and strong promoEonal acEvity. Adding to this already complex situaEon is the decline in the Motors segment, mainly influenced by the slowdown in residenEal demand and regulatory uncertainty regarding the energy transiEon. A market environment expected to deteriorate further in the final months of the year. Against this backdrop, the Group maintains an unwavering commitment to preserving market share, and records a Q/Q improvement in terms of revenues, driven by progress in the OEM segment thanks to new projects and customers, the success of the distribuEon strategy implemented in North America and Canada in its own brands, and a recovery in Motors recorded in the first half of the year and slowing in the third quarter.

Finally, thanks to the strategy of investment on the brand and transformaEon of the Cooking segment and expansion of the product range, the policy of direct distribuEon in North America and Canada, and the opportuniEes related to the world of Motors that will come from the energy transiEon, such as the commercializaEon of heat pumps, in addiEon to the launch of new products, the Group lays the foundaEons for the recovery of sales growth and margin in the medium to long term, in a market expected to worsen in the second half of the year.

FY2024 Outlook revised in view of weak market demand, parYcularly in EMEA:

• Revised revenue forecast of approx. Euro 450 million, 2.5% lower than the previous outlook in view of the further slowing of the market recovery, the stock reducEon policies introduced by OEM customers, and a weaker Turkish market related to the motors business.
• Margins in line with the first nine months: the pressure on margins conEnues as a result of the impact of product, markeEng and communicaEons capex to support the growth of the Cooking transformaEon project and to defend market share, within a deterioraEng general market and price-mix. The cost streamlining acEons conEnue to be introduced.
• Net Financial PosiEon expected to be in line with Q3.

Medium-long term Outlook in a flat market environment confirmed:

• Revenues (organic) > Euro 500 million
• Adjusted EBIT Margin > 6%
• Leverage < 0.5X

***

Supervisory Board Mandate Renewed for Three-Year Term

The Board of Directors confirmed the appointment of the members of the Supervisory Board, renewing their mandate unEl December 31, 2027. The Supervisory Board currently comprises the Chairperson, Paolo Massinissa Magini, and the members Marco Cruciani and Daniele Bruni, with the laser acEng as the company's Head of Internal Audit.

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***

Declara<on pursuant to Ar<cle 154-bis, paragraph two, T.U.F.

The Manager in charge of preparing the company's financial reports, Mr. Emilio Silvi, declares, pursuant to ArEcle 154-bis, second paragraph, of LegislaEve Decree No. 58/98, that the accounEng informaEon contained in this press release corresponds to the documented results, books and accounEng records.

***

Elica is an Italian company that sits at the forefront of the design and producJon of home appliances for cooking. It boasts over 50 years of history and global leadership in kitchen extractor systems. It is the European benchmark in electric motors for home appliances and boilers. It employs around 2,600 staff between its headquarters in Fabriano and seven faciliJes in Italy, Poland, Mexico and China. These are the figures that tell the story of Elica, which is constantly guided by Chairperson Francesco Casoli. The company's results are inspired by values that have always guided every one of its projects, products, and acJviJes: design that combines aestheJcs and performance for an extraordinary cooking experience, art as a model for creaJve processes and working methods, and innovaJon for technology that brings out the very best in product funcJonality.

***

Definitions and reconciliations

Definitions

EBITDA is the operaEng result (EBIT) plus amorEsaEon and depreciaEon and any impairment losses on Goodwill, brands and other tangible and intangible assets.

EBIT is the operaEng result as reported in the consolidated Income Statement.

Adjusted EBITDA is EBITDA net of the relaEve adjustment items.

Adjusted EBIT is EBIT net of the relaEve adjustment items.

Net financial income/(expense) is the sum of the Share of profit/(loss) from Group companies, Financial income, Financial Charges and Exchange rate gains and losses.

The adjusted result is the result for the period, as published in the Consolidated Income Statement, net of the relaEve adjustment items.

The adjusted Group result is the result for the period asributable to the owners of the Parent, as published in the Consolidated Income Statement, net of the relaEve adjustment items.

Adjustment items: earnings items are considered for adjustment where they: (i) derive from non-recurring events and operaEons or from operaEons or events which do not occur frequently; (ii) derive from events and operaEons not considered as in the normal course of business operaEons, as is the case for impairments, disputes considered atypical in terms of frequency and amount and restructuring charges, of the costs for M&A's, whether executed or not, and any rightsizing costs.

The earnings (loss) per share for 9M 2024 and 9M 2023 was calculated by dividing the Group profit asributable to the owners of the Parent, as defined in the Consolidated Income Statement, by the number of outstanding shares at the respecEve reporEng dates. The number of shares outstanding at period-end differs from that at December 31, 2023 and September 30, 2023 due to the launch of the treasury share buy-back plan. The earnings (loss) per share so calculated does not match the earnings (loss) per share as per the consolidated Income Statement, which is calculated as per IAS 33, based on the average weighted number of shares outstanding.

Managerial Working Capital is the sum of Trade receivables with Inventories, net of Trade payables, as presented in the Consolidated Statement of Financial PosiEon.

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

Net Working Capital is the amount of Managerial Working Capital and Other net receivables/payables. Other net receivables/payables comprise the current porEon of Other receivables and Tax Receivables, net of the current porEon of Provisions for risks and charges, Other payables and Tax payables, as presented in the Consolidated Statement of Financial PosiEon.

The Adjusted Net Financial PosiEon is the sum of Cash and Cash equivalents, less Current and Non-current bank loans and borrowings, as reported in the Statement of Financial PosiEon.

The Adjusted Net Financial PosiEon - Including IFRS 16 Impact is the sum of the Adjusted Net Financial PosiEon and current and non-current lease payables from applicaEon of IFRS 16, as reported in the Consolidated Statement of Financial PosiEon.

The Net Financial PosiEon is the sum of the Adjusted Net Financial PosiEon - Including IFRS 16 Impact and of the liabiliEes included among other payables arising in relaEon to the acquisiEon of the new companies, belonging to the consolidaEon scope or of addiEonal shares in exisEng subsidiaries. The result coincides with the Consob definiEon of the Net Financial PosiEon

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

Reconciliations

in Euro thousands	9M 2024	9M 2023	Q3 2024	Q3 2023
Operating profit – EBIT	5,642	18,105	1,431	4,949
(Impairment losses on Tangible and Intangible assets)	-	68	-	68
(Amortisation & Depreciation)	17,205	17,985	5,608	6,083
EBITDA	22,847	36,158	7,039	11,100
Realised and unrealised M&A's	132	94	53	6
Services	132	94	53	6
Other reorganisations and Rightsizing Changes in inventories finished/semi-finished goods Raw materials and consumables	342	1,127 45 68	361	281 7
Services	46	137	29	5
Personnel expenses	373	423	259	259
Other operating expenses and accruals Restructuring charges	- (77)	- 454	- 73	- 10
New Cooking Vision Services Raw materials and consumables	915 838 72	- - -	113 70 43	- - -
Other operating expenses and accruals Disposal of shareholding in Elica PB WKA pvt Ltd Services Other operating expenses and accruals	5 292 199 93	- - - -	- 292 199 93	- - - -
Others	91	72	55	4
Services	77	63	55	(6)
Other operating expenses and accruals	15	10	-	10
EBITDA adjustment items	1,773	1,292	874	291
Adjusted EBITDA	24,620	37,450	7,913	11,391
in Euro thousands	9M 2024	9M 2023	3Q 2024	3Q 2023
Operating profit – EBIT	5,642	18,105	1,431	4,949
EBITDA adjustment items	1,773	1,292	874	291
EBIT adjustment items	1,773	1,292	874	291
Adjusted EBIT	7,415	19,397	2,305	5,240

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN

in Euro thousands	9M 2024	9M 2023	3Q 2024	3Q 2023
Profit for the period	7,410	10,673	6,262	2,166
EBIT adjustment items	1,773	1,292	874	291
Income/(Charges) from sale other investments	(7,704)	-	(7,704)	-
Income taxes on adjusted items	701	(310)	916	(70)
Adjusted Net Profit for the period	2,179	11,655	348	2,387
(Profit attributable to non-controlling interests) (Adjustments to non-controlling interests)	(1,040) 0	(1,091) 0	(370) 0	(356) 0
Adjusted Group Net Profit	1,139	10,564	(22)	2,031
			9M 2024
Group Net Profit (in Euro thousands)			6,370
Outstanding shares at year-end			61,687,302	62,430,209
Earnings per share (Euro/cents)			10.33	15.35
			3Q 2024	3Q 2023
9M Earnings (loss) per share (Euro/cents) H1 Earnings (loss) per share (Euro/cents)			10.33 0.77	15.35 12.43
			9.55	2.92

in Euro thousands	30/09/2024	31/12/2023	30/09/2022
Other receivables	22,812	26,094	27,334
Tax assets	3,663	2,831	4,797
(Provision for risks and charges)	(6,125)	(5,815)	(6,559)
(Other payables)	(23,777)	(21,869)	(23,576)
(Tax liabilities)	586	(798)	(371)
Other net assets / liabilities	(2,841)	444	1,625

Elica S.p.A. Via Ermanno Casoli, 2 60044 Fabriano (AN) - Italy

Tel. +39 0732 6101 Fax +39 0732 610249 CerEfied e-mail elicaspa@sicurezzapostale.it SDI Code - Y1NM1XC

COMPANIES REGISTER NO. AND TAX CODE AN 00096570429 SHARE CAPITAL EURO 12,644,560 FULLY PAID-IN