Elica — Earnings Release 2025

Feb 12, 2026

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Q4 & FY 2025 Preliminary Results

February 12 th, 2026

ANALYST PRESENTATION

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Agenda

Q4 & FY 2025 Highlights .01

Industry Trend .02

Sales Dynamics .03

Financial Review .04

• Closing Remarks .05 5& Outlook .06
• Annex: Financial Highlights

Q4 & FY 2025 Results 2

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Highlights 2025

Back to Growth, while transforming our business

Q4		FY
NET SALES 111,1 M€	YoY CHANGE +0,5 M € +0,5% (+1,7% organic)	NET SALES 460,6 M €	YoY CHANGE +8,5M € +1,9% (+2,6% organic)
EBIT ADJ 0,0 M € 0%	YoY CHANGE -0,7 M € -0,6 pts	EBIT ADJ 4,6 M € 1,0%	YoY CHANGE -3,5 M € -0,8 pts

NFP (52,2) M €

Leverage: 1,9x

-5,4 M € YoY CHANGE

Highlights

Persisting Uncertainty; Encouraging Trends

• Cooking: EU Brand Sales growing (+5% Q4), while new OEM projects wins offset North America weakness
• Motors : Heating & Ventilation both growing vs. Q4 LY

Margins under pressure: priority is Mid -Term

• Negative price -mix & high promotional environment.
• Intensified Investments in Cooking transformation.
• "Neutral" Raw Materials & Commodities dynamics
• Cost of Don't

Solid Debt Profile and Cash Generation

• Strong NWC management, improving OCF
• €5M NFP improvement vs. previous quarter
• €5M cash -out related to strategic projects
• €1,3M Buy -back

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Cooking (EU): Industry Shipments

Volume Data Change % vs LY

EUROPE 22 - SOURCE: GFK, ELICA GROUP ESTIMATES.

6

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Cooking (EU): High Promotional Environment

QTR Average Market Price Trend YoY

EUROPE 22 - SOURCE: GFK, ELICA GROUP ESTIMATES.

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Cooking North America: Industry Shipments

Volume Data Change % vs LY

(*) Cooking Excluding Microwaves

SOURCE AHAM (Association of Home Appliance Manufacturers)

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Motor Division: Heating Industry Trend

Thousand Units

Source: EHI – European Heating Industry Countries: Germany, Italy, Netherlands, UK, France, Spain

Boilers Sales in Europe

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Sales Key Drivers & Business Overview

• Sales growth driven by EMEA region with the new projects win positively impacting on OEM, and brand sales boost with the new cooking range (x 3 vs Q4 2024) offset the negative impact of AMERICA OEM
• Motor Division performing better than the reference market thanks to share increase and new projects as well.

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Sales by Business

	Motors	Cooking
Q4 2024	22,4	88,1	110,5
Currency	-0,0	-1,3	-1,3
	-0,0%	-1,5%	-1,2%
ORGANIC Growth	+0,3	+1,5	+1,8
	+1,5%	+1,7%	+1,7%
YoY Change	+0,3	+0,2	+0,5
	+1,5%	+0,2%	+0,5%
Q4 2025	22,8	88,3	111,1

	Motors	Cooking
FY 2024	99,0	353,1	452,1
Currency	-0,0	-3,2	-3,3
	-0,0%	-0,9%	-0,7%
ORGANIC Growth	+4,1	+7,7	+11,7
	+4,1%	+2,2%	+2,6%
YoY Change	+4,1	+4,4	+8,5
	+4,1%	+1,3%	+1,9%
FY 2025	103,1	357,5	460,6

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Cooking Sales by Region

	Americas	Emea	Asia
Q4 2024	17,7	61,7	8,7	88,1
Currency	-1,2	+0,6	-0,6	-1,3
	-7,0%	+0,9%	-7,4%	-1,5%
ORGANIC Growth	-2,2	+4,6	-0,9	+1,5
	-12,2%	+7,4%	-10,7%	+1,7%
YoY	-3,4	+5,2	-1,6	+0,2
Change	-19,1%	+8,4%	-18,0%	+0,2%
Q4 2025	14,3	66,8	7,2	88,3

Cooking		Americas	Emea	Asia	Cooking
	FY 2024	69,1	256,3	27,6	353,1
-1,3 -1,5%	Currency	-3,4 -4,9%	+1,0 +0,4%	-0,9 -3,2%	-3,2 -0,9%
+1,5 +1,7%	ORGANIC Growth	+4,9 +7,0%	-0,5 -0,2%	+3,3 +12,0%	+7,7 +2,2%
+0,2 +0,2%	YoY Change	+1,5 +2,2%	+0,5 +0,2%	+2,4 +8,7%	+4,4 +1,3%
	FY 2025	70,6	256,8	30,0	357,5

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Cooking Sales by Brand

	OEM	Own Brand
Q4 2024	33,9	54,4	88,1
Currency	-0,7	-0,6	-1,3
	-2,2%	-1,0%	-1,5%
ORGANIC Growth	+2,2	-0,8	+1,5
	+6,4%	-1,5%	+1,7%
YoY Change	+1,5	-1,4	+0,2
	+4,3%	-2,6%	+0,2%
Q4 2025	35,3	53,0	88,3

Cooking		OEM	Own Brand	Cooking
	FY 2024	145,4	207,8	353,1
-1,3	Currency	-2,3	-1,0	-3,2
-1,5%		-1,6%	-0,5%	-0,9%
+1,5	ORGANIC Growth	+5,2	+2,4	+7,7
+1,7%		+3,6%	+1,2%	+2,2%
+0,2	YoY Change	+3,0	+1,4	+4,4
+0,2%		+2,0%	+0,7%	+1,3%
	FY 2025	148,3	209,2	357,5

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Q4 & FY '25 Results

		Q4			FY		CHANGES vs. PRIOR YEAR
€M	Q4 2025	Q4 2024	% VAR	FY 2025	FY 2024	% VAR		Q4
NET SALES	111,1	110,5	+0,5	460,6	452,1	+8,5	VOLUME	+
							PRICE / MIX	- -
ADJUSTED EBITDA	5,8	6,8	-1,0	27,7	31,4	-3,7	INVESTMENT COOKING	-
% NET SALES	5,2%	6,1%	-90 bps	6,0%	6,9%	-90 bps	TRANSFORMATION
ADJUSTED EBIT	-	0,7	-0,7	4,6	8,1	-3,5	INFLATION/COST TAKEOUT CURRENCY	++
% NET SALES	-%	0,6%	-60 bps	1,0%	1,8%	-80 bps	D&A	- =
REPORTED EBIT	(2,5)	(1,0)	-1,5			-4,7	ADJ EBIT	-0,7
				-	4,7		NRI	-
% NET SALES	(2,2)%	(0,9)%	-130 bps	0,0%	1,0%	-100 bps	FINANCIAL COSTS	=
PBT	(4,7)	0,2	-4,9	(8,3)	7,5	-15,9	COMBINED TAX RATE	=
% NET SALES	(4,3)%	0,2%	-440 bps	(1,8)%	1,7%	-340 bps	INDIA SALES GAIN
NET PROFIT	(4,6)	1,9	-6,5	(8,3)	9,3	-17,7	NET PROFIT	-6,5
% NET SALES	(4,1)%	1,7%	-580 bps	(1,8)%	2,1%	-390 bps
GROUP NET PROFIT	(5,0)	1,5	-6,5	(10,0)	7,9	-17,9
% NET SALES	(4,5)%	1,4%	-590bps	(2,2)%	1,7%	-390 bps
: Out of which
TAX SETTLEMENT	-			-1,5		-1,5
CHINA WRITE -OFF	-1,7		-1,7	-2,1		-2,1
INDIA'S DIVESTITURE	-0,8	+3,4	-4,2	-0,8	+10,1	-10,9

FY 2025	FY 2024	% VAR
460,6	452,1	+8,5
27,7	31,4	-3,7
6,0%	6,9%	-90 bps
4,6	8,1	-3,5
1,0%	1,8%	-80 bps
-	4,7	-4,7
0,0%	1,0%	-100 bps
(8,3)	7,5	-15,9
(1,8)%	1,7%	-340 bps
(8,3)	9,3	-17,7
(1,8)%	2,1%	-390 bps
(10,0)	7,9	-17,9
(2,2)%	1,7%	-390 bps
-1,5		-1,5
-2,1		-2,1
-0,8	+10,1	-10,9

CHANGES vs. PRIOR YEAR
	Q4	FY
VOLUME	+	+
PRICE / MIX	- -	- -
INVESTMENT COOKING TRANSFORMATION	-
INFLATION/COST TAKEOUT	++	+
CURRENCY	-	-
D&A	=	=
ADJ EBIT	-0,7	-3,5
NRI	-	-
FINANCIAL COSTS	=	=
COMBINED TAX RATE	=	=
INDIA SALES GAIN
NET PROFIT	-6,5	-17,7

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Net Financial Position

€M	FY 2025	FY 2024	VAR
OPENING NFP	(57,0)	(53,4)	(3,6)
IFRS 16 EFFECT	10,2	12,1	(1,9)
OPENING NFP - Net of IFRS 16	(46,8)	(41,3)	(5,5)
OPERATING CASH FLOW	29,6	33,6	(4,1)
CAPEX	(13,5)	(17,4)	3,9
TAXES	(1,8)	(2,1)	0,3
OPERATING FCF	14,3	14,1	0,1
% SALES	3,1%	3,1%
BUY BACK	(1,3)	(5,3)	4,0
M&A	(4,0)	6,9	(10,9)
DIVIDEND & FINANCIAL ITEMS	(11,0)	(8,9)	(2,2)
OTHER NRI & NO CASH ITEMS	(3,4)	(12,4)	9,0
CLOSING NFP - Net of IFRS 16	(52,2)	(46,8)	(5,4)
LEVERAGE - (NFP/EBITDA adj)	1,9	1,5

• Operating FCF in line with previous year, despite lower EBITDA, supported by CAPEX optimization and NWC management.
• €5M cash-out related to strategic projects:
• €2.5M for the payment of 28% Steel stake;
• €1.0M for the China Project;
• €1.4M down payment on the lease agreement for Poland Motor Division factory.
• 1.5M€ payment following an agreement with the Italian Tax Authority to settle the dispute related to 2015–2017 R&D tax credits.
• 1.3M€ Additional Buy-back

▪ Inventories Trend

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Closing Remarks

Business transformation delivering incremental growth, but persisting uncertainty ahead

2025

• Back to Growth in Weak Reference Markets ; Encouraging Dynamics in both Divisions
• Investing Margins to accelerate Mid -Term Objectives
• Solid Cash Generation & NWC Management

2026

• New Cooking Products and New Direct Distribution in EU and NA delivering Incremental Growth
• Persisting Uncertainty
• Aggressive Competion:
• Deliver key projects Execution
• Quick Reaction to further scenario Change
• Bottom Line Improvement YOY, while Maintaining Healthy NFP

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Direction is Right: Cooking Brand Sales Growth

2025 BRAND REVENUES

C. Hoods	153,3	(4,7)
Asp. Hobs	47,7	+0,4
Cooking & BI	14,0	+7,3
BRAND TOT	215,0	+3,0

2025 REVENUE SHARE COOKING RANGE TREND 2023 -2025

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Direction is Right: Motors Project Pipeline

NEW APPLICATIONS START OF PRODUCTION

Heat Pumps & HP Water Heather

	2026	2027	2028	2029	2030
Air To Water Heat Pumps (AXIAL)
Water Heather Heat Pump (RADIAL)

Refrigeration

Commercial Cooling (MOTOR & FAN)

Centralized Mechanical Ventilation

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2026 & Mid -Term: Risks & Mitigations

Unpredictable Business Environment vs. proven flexibility and operational excellence

RISKS

• Price Erosion & Market Demand
• Geopolitical Uncertainty

▪ Competition Dynamics

Far East vs Motors EU Footprint

MITIGATIONS

• New Cooking Products
• Motors Pipeline
• New Channels/Geo

• Operational Flexibility & Speed
• NWC Management

▪ Modularity & Scalability

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Mid-Term Vision

500 M€
REVENUES

6%
ADJ EBIT

< 0,5 x

Upside Potentials

ACCRETIVE M&A

HOUSING & REMODELLING MARKET RECOVERY

DIRECT DISTRIBUTION EU & NORTH AMERICA

NORTH AMERICA
INDUCTION ACCELERATION

EU STRATEGY ON ENERGY TRANSITION

POSITIVE MARKET

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Thank you

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Consolidated Income Statement

	Q4
€M	Q4 2025	Q4 2024	%
NET SALES	111,1	110,5	0,5%
EBITDA Adj	5,8	6,8	(14,4)%
%	5,2%	6,1%	-90 bps
EBITDA	4,1	5,1	(21,1)%
%	3,6%	4,6%	-100 bps
EBIT	(2,5)	(1,0)	(155,0)%
%	(2,2)%	(0,9)%	-140 bps
Net Result	(4,6)	1,9	(340,3)%
%	(4,1)%	1,7%	(590) bps
EPS* - Euro cents	(8,62)	2,90	(397,3)%

€M	FY 2025	FY 2024	%
Net Sales	460,6	452,1	1,9%
EBITDA Adj	27,7	31,4	(11,8)%
%	6,0%	6,9%	-90 bps
EBITDA	24,0	28,0	(14,4)%
%	5,2%	6,2%	-100 bps
EBIT	0,0	4,7	(100,6)%
%	0,0%	1,0%	-100 bps
Net Result	(8,3)	9,3	(189,4)%
%	(1,8)%	2,1%	-390 bps
EPS* - Euro cents	(16,99)	13,23	(228,4)%

^* EPS is calculated by dividing the Net Result pertaining to the Group by the number of ordinary shares outstanding, excluding treasury shares at the same data.

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Net Working Capital

€M	FY 2025	FY 2024	Δ
Trade receivables	39,4	34,8	4,5
% on annualized sales	8,5%	7,7%	80 bps
Inventories	86,7	86,1	0,6
% on annualized sales	18,8%	19,0%	-20 bps
Trade payables	(129,2)	(112,8)	(16,41)
% on annualized sales	-28,1%	-24,9%	-320 bps
Managerial Working Capital	(3,2)	8,1	(11,3)
% on annualized sales	-0,7%	1,8%	-250 bps
Short term assets & liabilities	(5,8)	(5,8)	-
% on annualized sales	-1,3%	-1,3%	- bps
Net Working Capital	(8,9)	2,3	(11,2)
% on annualized sales	-1,9%	0,5%	-240 bps

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Consolidated Cash Flow

€M	FY 2025	FY 2024
Operating Cash Flow	28,1	26.8
Capex	(13,5)	(17.1)
Cash Flow from Financial Activities	(20,0)	(13.8)
Net Financial Position	(5,4)	(4.1)

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Consolidated B/S

	FY 2025	FY 2024		FY 2025	FY 2024
Net Operating Fixed Assets	198,1	192,9	Net Financial Position *	68,8	56,5
Net Working Capital	-8,9	2,3	Group Equity	120,9	133,5
			Minorities	6,3	6,1
Net Financial Asset	6,8	0,9	Total Shareholders' Equity	127,2	139,6
Net Capital Employed	196,0	196,1	Total Sources	196,0	196,1

^* Including IFRS 16 effect.

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Non Recurring items & Minorities

Non Recurring items
€M	Q4 2025	FY 2025	Q4 2024	FY 2024
CHINA	(1,7)	(2,1)	-	-
RESTRUCTURING SG&A	(0,4)	(1,5)	(1,4)	(1,9)
PATENTS	-	(0,3)	-	-
OTHERS	(0,3)	(0,7)	(0,3)	(1,5)
Total Non Recurring Items	(2,4)	(4,6)	(1,7)	(3,4)

Minorities Minorities
€М	MINORTY SHARES	Q4 2025	FY 2025	MINORTY SHARES	Q4 2024	FY 2024
ARIAFINA	49%	0,4	1,6	49%	0,4	1,5
Total MINORITIES		0,4	1,5		0,4	1,5

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Disclaimer

This presentation Aug contain forwards -looking information and statements about Elica S .p.A. and its Group .

Forward -looking statements are statements that are not historical facts .

These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance .

Although the management of Elica S .p.A. believes that the expectations reflected in such forward -looking statements are reasonable, investors and holders of Elica are cautioned that forward -looking information and statements are subject to various risk and uncertainties, many of which are difficult to predict and generally beyond the control of Elica S .p.A.; that could cause actual results and developments to differ materially from those expressed in, or implied or projected by, the forward -looking statements .

These risks and uncertainties include, but are not limited to, those contained in this presentation .

Except as required by applicable law, Elica S .p.A. does not undertake any obligation to update any forward -looking information or statements

Investor Relations | Lerxi Francesca Cocco T +39 (0)732 610 4205 investor -relations@elica.com

Corporate Communication Alice Casadio a.casadio@elica.com

Press Office | Havas PR Melissa Lovisetto M +39 334.6853262 melissa.lovisetto@havaspr.com Giulia Bertelli M +39 340.1453906 giulia.bertelli@havaspr.com