Elica

Investor Presentation • Oct 30, 2025

Q3 & 9M 2025 Results

October 30 th, 2025

ANALYST PRESENTATION

Agenda

Q3 & 9M 2025 Highlights .01

Industry Trend .02

Sales Dynamics .03

Financial Review .04

Closing Remarks .05 5& Outlook

Change for the Better: Competitive Dynamics & Elica Group Challenges .06

Highlights Q3

Revenues Growth acceleration in both divisions

109,5 M € NET SALES YoY CHANGE

+5,3 M € +5,1% (+6,3% organic)

Positive Dynamics, while business environment remains uncertain

• Cooking Division +4,0 % : Brand sales further growth in North America (+ 11% ) and EU (+ 4% ), with a positive contribution from the OEM business (+ 4% )
• Motor Division +8% : Market share gains across all major accounts, despite a weak heating industry .

1,5 M€ 1,3% EBIT ADJ

-0,8 M € -0,9 pts YoY CHANGE

Margins aligned with our expectations: priority remains Mid -Term

• Intensified Investments in Cooking transformation (LHOV, Display, Training, New German Sales Office) along with increasing Trade Marketing activity (Elica Club)
• Implementation of North -East US Distribution Organization ongoing
• High promotional pressure persists .

NFP (57,5) M € Leverage: 2,0x

-10,0 M € YoY CHANGE

Solid Debt Profile

• Leverage well below covenants
• ≈ 4M € in Strategic Projects: 28% Steel, China Business Model, Poland Motor Plant
• ≈ 5M€ YoY Share Buy Back impact (7,34% Treasury Shares)

Highlights 9M

Encouraging progression in Sales, Margins & Net Debt in line with project execution

349,5 M € NET SALES YoY CHANGE

+7,9 M € +2,3% (+2,9% organic)

4,6 M € 1,3% EBIT ADJ

-2,8 M € -0,9 pts YoY CHANGE

NFP (57,5) M € Leverage: 2,0x

-10,0 M € YoY CHANGE

Europe: Industry Shipments

Volume Data Change % vs LY

6

EUROPE 22 - SOURCE: GFK, ELICA GROUP ESTIMATES.

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* * * * * * *

Europe: Persisting promotional environment

Average Market Price still under pressure in both product categories

EUROPE 22 - SOURCE: GFK, ELICA GROUP ESTIMATES.

North America: Industry Shipments

Volume Data Change % vs LY

(*) Cooking Excluding Microwaves

SOURCE AHAM (Association of Home Appliance Manufacturers)

Motor Division: Heating Industry Trend

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

Boilers Sales in Europe

Heat Pumps sales recovery

• Despite policy uncertainty and reduced incentives, the heat pump market is showing a slight yet uneven recovery this year : +9% on average in the first six months of 2025 , compared to the same period in 2024 .
• The sector continues to face challenges (that discourage consumers) which put consumers off, such as shifting national subsidy schemes, the cost -ofliving crunch and higher electricity prices compared to gas
• If supported by structural reforms , the European heat pump market can return to sustainable growth . This would consolidate its key role in Europe's clean energy transition, as well as its contribution to stenghtening European manufacturing, jobs and energy security .

Source: EHPA – European Heat Pump Association

The Analysis cover 13 European countries, representing around 80% of the total market

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Sales Key Drivers & Business Overview

Q3 9M

Q3 2025 Results improved again for three quarters in a row (+5% compared to Q3 2024)

Consistent growth in the North America region driven by the new distribution strategy implemented in the area.

In the EMEA region new projects wins positively impacting on OEM sales. The Motor Division is performing better than the reference market thanks to market share gains and new projects.

Sales by Business

	Motors	Cooking
Q3 2024	23,8	83,8	109,5
Currency	-0,0	-1,3	-1,3
	-0,0%	-1,6%	-1,3%
ORGANIC Growth	+1,9	+4,7	+6,6
	+8,0%	+5,8%	+6,3%
YoY	+1,9	+3,4	+5,3
Change	+8,0%	+4,2%	+5,1%
Q3 2025	25,7	83,8	109,5

Q3 9M

	Motors	Cooking
9M 2024	76,6	265,0	341,6
Currency	-0,0	-1,9	-1,9
	-0,0%	-0,7%	-0,6%
ORGANIC Growth	+3,7	+6,2	+9,9
	+4,9%	+2,3%	+2,9%
YoY	+3,7	+4,2	+7,9
Change	+4,8%	+1,6%	+2,3%
9M 2025	80,3	269,2	349,5

Cooking Sales by Region

Q3 9M

	Americas	Emea	Asia
Q3 2024	16,1	57,9	6,4	80,4
Currency	-1,0	+0,1	-0,4	-1,3
	-6,4%	+0,1%	-5,6%	-1,6%
ORGANIC Growth	+2,4	+1,2	+1,0	+4,7
	+15,0%	+2,1%	+16,3%	+5,8%
YoY	+1,4	+1,3	+0,7	+3,4
Change	+8,7%	+2,2%	+10,7%	+4,2%
Q3 2025	17,5	59,2	7,1	83,8

	Americas	Emea	Asia
9M 2024	51,4	194,7	18,9	265,0
Currency	-2,1	+0,4	-0,2	-1,9
	-4,2%	+0,2%	-1,3%	-0,7%
ORGANIC Growth	+7,0	-5,1	+4,2	+6,2
	+13,7%	-2,6%	+22,4%	+2,3%
YoY	+4,9	-4,7	+4,0	+4,2
Change	+9,5%	-2,4%	+21,1%	+1,6%
9M 2025	56,3	190,0	22,9	269,2

Cooking Sales by Brand

Q3 9M

	OEM	Own Brand
Q3 2024	33,5	47,0	80,4
Currency	-0,7	-0,7	-1,3
	-2,1%	-1,3%	-1,6%
ORGANIC Growth	+2,0	+2,7	+4,7
	+6,0%	+5,7%	+5,8%
YoY Change	+1,3	+2,1	+3,4
	+3,9%	+4,4%	+4,2%
Q3 2025	34,7	49,0	83,8

Cooking		OEM	Own Brand	Cooking
	9M 2024	111,6	153,4	265,0
-1,3	Currency	-1,5	-0,4	-1,9
-1,6%		-1,4%	-0,3%	-0,7%
+4,7	ORGANIC Growth	+3,0	+3,2	+6,2
+5,8%		+2,7%	+2,1%	+2,3%
+3,4	YoY Change	+1,4	+2,8	+4,2
+4,2%		+1,3%	+1,8%	+1,6%
	9M 2025	113,0	156,2	269,2

Cooking & Built -In Sales Growth

9M 2025 Brand Sales Variance vs. 9M 2024

Finished Product only, brand sales includes private labels

Direction is Right:

• → Constant growth in our Brand Revenue share
• → 9M 2025 Results:
• 10,6 M € Revenues
• 6,5% of Brand Sales

REVENUE SHARE COOKING & BUILT -IN RANGE 2023 -2025

Q2 & H1 2025 Results 16

Increasing Media & Trade Presence

New Show Room in San Francisco

Kitchen & Sound Alessandro Borghese

Branded content Guide L'Espresso Cairo RCS Media Mix

Q3 & 9M '25 Results

€M	Q3 2025	Q3 2024	% VAR
NET SALES	109,5	104,2	+5,1%
ADJUSTED EBITDA	7,0	7,9	(11,1)%
% NET SALES	6,4%	7,6%	-120 bps
ADJUSTED EBIT	1,5	2,3	(36,8)%
% NET SALES	1,3%	2,2%	-90 bps
REPORTED EBIT	0,8	1,4	(44,9)%
% NET SALES	0,7%	1,4%	-70 bps
PBT	(1,7)	6,7	n.a.
% NET SALES	-1,6%	6,4%	-800 bps
NET PROFIT	(1,2)	6,3	n.a.
% NET SALES	-1,1%	6,0%	-710 bps
GROUP NET PROFIT	(1,6)	5,9	n.a.
% NET SALES	-1,4%	5,7%	-710 bps
INDIA'S DIVESTITURE	-	+6,4	n.a.

	9M
9M 2025	9M 2024	% VAR
349,5	341,6	+2,3%
21,9	24,6	(11,0)%
6,3%	7,2%	-90 bps
4,6	7,4	(37,5)%
1,3%	2,2%	-90 bps
2,4	5,6	(56,6)%
0,7%	1,7%	-100 bps
(3,6)	7,3	n.a.
-1,0%	2,2%	-320 bps
(3,7)	7,4	n.a.
-1,1%	2,2%	-330 bps
(4,9)	6,4	n.a.
-1,4%	1,9%	-330 bps
-	+6,4	n.a.

CHANGES vs. PRIOR YEAR
	Q3	9M
VOLUME	+	+
PRICE / MIX	- -	- -
INVESTMENT COOKING TRANSFORMATION
INFLATION/COST TAKEOUT	+	+
CURRENCY	-	-
D&A	=	=
ADJ EBIT	-0,8	-2,8
NRI	-	-
FINANCIAL COSTS	=	=
COMBINED TAX RATE	+	-
2024 SHARES SALES GAIN
NET PROFIT	-7,4	-11,1

Net Financial Position

€M	9M 2025	9M 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	14,6	19,2	(4,5)
CAPEX	(7,9)	(10,4)	2,5
TAXES	(0,9)	(1,8)	0,9
OPERATING FCF	5,8	6,9	(1,1)
% SALES	1,3%	1,5%
BUY BACK	(1,0)	(1,1)	0,1
M&A	(2,8)	6,5	(9,3)
DIVIDEND & FINANCIAL ITEMS	(7,7)	(9,4)	1,6
OTHER NRI	(5,0)	(9,2)	4,3
CLOSING NFP - Net of IFRS 16	(57,5)	(47,6)	(9,8)
LEVERAGE - (NFP/EBITDA adj)	2,0	1,5

• 5M€ Opening Balance delta driven by Share Buyback program.
• Operating FCF slightly negative vs. 2024, partially offset by CAPEX optimization.
• €4M cash-out related to strategic projects:
• €1.3M first tranche payment of 28% Steel stake;
• €1.0M China Project;
• €1.4M down payment on the lease agreement for Poland Motor Division factory.
• €1.1M 2015-2016 R&D tax credit settlement (will be offset in 2026 by new R&D tax credits under certification)

▪ Inventories Trend

Closing Remarks & Outlook 05

Closing Remarks & Outlook

▪ 9M Highlights & Take -Aways

• Encouraging Dynamics in an uncertain business environment: aggressive competition & persisting promo environment in EU.
• Increasing contribution from new cooking range incremental sales and direct distribution in North America .

▪ Closing of Steel partnership agreement expected in November. Project work and product development have already started.

→ Take -Aways:

• Our Strategy is starting to deliver in a still weak reference market
• Execution remains consistent with our plan: we do what we say

▪ 2025 Preliminary Expectations

• Persisting Negative Industry & Pricing trends so far.
• Very low visibility, as the business & geopolitical scenario remain uncertain and consumer confidence stays low.
• Strategy remains focused on our Mid -Term priorities , and this will still affect margins improvement in the Short -Term

→ Preliminary Guidance:

• Revenues: expected at 455 -460 M € (including China Discontinuing sales)
• Adj Operating Margin: expected to be in line with 9 Months average → Accelerating the investment in transformation
• Net Financial Position (NFP): expected to further improve

Driving Transformation in a " Perma -Crisis " scenario

BUSINESS ENVIRONMENT

MDA Market:

• Demand remains @ lowest level in 10 years → "Food Fight"
• Price Erosion continues → a never -ending Promotional environment
• A long, hard road out of hell

Competition Dynamics:

• Eastern competitors' market share (from 20% to 45% in 10 Years)
• Chinese Cost Gap driving Aggressive Price Dynamics, especially in Components (Motors)

Industry Health: Focus on Cash and Debt sustainability

… SECTOR DYNAMICS

"Run for Volumes" resulting in a Never -Ending Promo environment

100% focus on Costs (SKU Cut, Platform Optimization) NO Innovation

Lowering Inventories, Low Predictability & Scarce Forecast Quality

Our focus: Build New Distribution Opportunities

… SECTOR DYNAMICS

"Run for Volumes" resulting in a Never -Ending Promo environment

100% focus on Costs (SKU Cut, Platform Optimization) NO Innovation

Lowering Inventories, Low Predictability & Scarce Forecast Quality

Enlarging Distribution & Geo Presence in EU & North America

Our focus: Enlarging our Product Offer

… SECTOR DYNAMICS

"Run for Volumes" resulting in a Never -Ending Promo environment

100% focus on Costs (SKU Cut, Platform Optimization) NO Innovation

Lowering Inventories, Low Predictability & Scarce Forecast Quality

Our Opportunity: Solid Debt Profile to accelerate growth

… SECTOR DYNAMICS

"Run for Volumes" resulting in a Never -Ending Promo environment

100% focus on Costs (SKU Cut, Platform Optimization) NO Innovation

Lowering Inventories, Low Predictability & Scarce Forecast Quality

Space for M&A (Steel) and Investments in Business Development

▪ Track Record in managing NWC & Production Flexibility

Change for the Better

• Industry Still under pressure
• → Difficult visibility ahead
• A long -term & progressively "industry -proof" growth strategy:
• → New product ranges
• → Increasing Control of the Distribution
• → New channels / GEO

▪ Debt profile:

• → Allowing focus on mid -term projects, distribution & innovation investments
• → Space for financially "sustainable" M&A

Our Mid -Term Vision

> 500 M € REVENUES

> 6% ADJ EBIT

< 0,5 x LEVERAGE

Upside Potentials

ACCRETIVE M&A

HOUSING & REMODELLING MARKET RECOVERY

DIRECT DISTRIBUTION EU & NORTH AMERICA

NORTH AMERICA INDUCTION ACCELERATION

EU INCENTIVE STRATEGY ON ENERGY TRANSITION

POSITIVE MARKET

Consolidated Income Statement

	Q3
€M	Q3 2025	Q3 2024	%
Net Sales	109,5	104,2	5,1%
EBITDA Adj	7,0	7,9	-11,1%
%	6,4%	7,6%	-120 bps
EBITDA	6,4	7,0	-9,6%
%	5,8%	6,8%	-90 bps
EBIT	0,8	1,4	-44,9%
%	0,7%	1,4%	-70 bps
Net Result	(1,2)	6,3	-119,0%
%	-1,1%	6,0%	-71 bps
EPS* - Euro cents	(2,69)	9,55	-128,2%

€M	9M 2025	9M 2024	%
Net Sales	349,5	341,6	2,3%
EBITDA Adj	21,9	24,6	-11,0%
%	6,3%	7,2%	-90 bps
EBITDA	19,9	22,8	-12,9%
%	5,7%	6,7%	-100 bps
EBIT	2,4	5,6	-56,6%
%	0,7%	1,7%	-100 bps
Net Result	(3,7)	7,4	-150,4%
%	-1,1%	2,2%	-320 bps
EPS* - Euro cents	(8,37)	10,33	-181,0%

^* 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.

Net Working Capital

€M	9M 2025	FY 2024	Δ
Trade receivables	33.3	34.8	(1.6)
% on annualized sales	7.1%	7.7%	-60 bps
Inventories	94.5	86.1	8.5
% on annualized sales	20.3%	19.0%	130 bps
Trade payables	(113.6)	(112.8)	(0.8)
% on annualized sales	(24.4)%	(24.9)%	50 bps
Managerial Working Capital	14.2	8.1	6.1
% on annualized sales	3.1%	1.8%	130 bps
Short term assets & liabilities	(8.0)	(5.8)	(2.3)
% on annualized sales	(1.7)%	(1.3)%	-40 bps
Net Working Capital	6.2	2.3	3.9
% on annualized sales	1.3%	0.5%	80 bps

Consolidated Cash Flow

€M	9M 2025	9M 2024
Operating Cash Flow	12.0	12.5
Capex	(7.9)	(10.4)
Cash Flow from Financial Activities	(15.4)	(7.6)
Net Financial Position	(11.3)	(5.5)

Consolidated B/S

	9M 2025	9M 2024		9M 2025	9M 2024
Net Operating Fixed Assets	196.1	183.1	Net Financial Position *	74.7	58.6
Net Working Capital	6.2	16.8	Group Equity	123.0	136.9
			Minorities	6.2	5.8
Net Financial Asset	1.6	1.5	Total Shareholders' Equity	129.2	142.7
Net Capital Employed	203.9	201.3	Total Sources	203.9	201.3

* Including IFRS 16 effect.

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Non Recurring items & Minorities

Non Recurring items
€M	Q3 2025	9M 2025	Q3 2024	9M 2024
Restructuring SG&A	(0,1)	(0,8)	(0,5)	(0,6)
Patents Settlement Agreement	(0,3)	(0,3)	-	-
Others	(0,2)	(1,1)	(0,4)	(1,2)
Total Non Recurring Items	(0,7)	(2,2)	(0,9)	(1,8)

Minorities
€M	MINORTY SHARES	Q3 2025	9M 2025	MINORTY SHARES	Q3 2024	9M 2024
ARIAFINA	49%	0,4	1,2	49%	0,4	1,0
Total MINORITIES		0,4	1,2		0,4	1,0

Disclaimer

This presentation may 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

Thank you