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Emak Interim / Quarterly Report 2026
4407_rns_2026-05-12_cf94279f-8c25-4bbb-8e25-c99758e1b080.pdf
Interim / Quarterly Report
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Translation from the Italian original which remains the definitive version
Interim report at 31.03.2026
Emak S.p.A. • Via Fermi, 4 • 42011 Bagnolo in Piano (Reggio Emilia) ITALY
Tel. +39 0522 956611 • Fax +39 0522 951555 • www.emakgroup.com
Share Capital Euro 42,623,057.10 fully paid • Companies Register No. 00130010358
R.E.A. 107563 • Register A.E.E. IT08020000000632 • Register RENAP PFU250100397SR
Batteries and Accumulators Register IT09060P00000161• Statistical Code (Meccanografico) RE 005145
VAT No. 00130010358 • Tax Code 00130010358
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Contents
Organisational chart of Emak Group at 31 March 2026 ...3
Corporate Bodies of Emak S.p.A. ...4
Financial highlights – Emak Group ...5
Directors' report ...6
Comments on economic figures ...7
Comment to consolidated statement of financial position ...8
Highlights of the consolidated financial statement broken down by operating segment for the first quarter 2026 ..11
Comments on interim results by operating segment ...11
Foreseeable business outlook ...13
Subsequent events ...13
Other information ...13
Definitions of alternative performance indicators ...14
Consolidated income statement and consolidated statement of other comprehensive income ...15
Statement of consolidated financial position ...16
Statement of changes in consolidated equity ...17
Comments on the financial statements ...18
Declaration of the manager in charge of preparing the accounting statements pursuant to the rules of Article 154-bis, paragraph 2 of Legislative Decree no. 58/1998 ...19
Interim Report at 31/03/2026
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Organisational chart of Emak Group at 31 March 2026
- Valley Industries LLP is consolidated at $100\%$ as a result of the "Put and Call Option Agreement" that governs the purchase of the remaining $6\%$ .
- Comet do Brasil Industria e Comercio de Equipamentos Ltda is owned for $99.63\%$ by Comet S.p.A. and $0.37\%$ by P.T.C. S.r.l.
- Emak do Brasil is owned for $99.99\%$ by Emak S.p.A. and $0.01\%$ by Comet do Brasil Industria e Comercio de Equipamentos Ltda.
- Lavorwash Brasil Ind. Ltda is owned for $99.99\%$ by Lavorwash S.p.A. and $0.01\%$ by Comet do Brasil Industria e Comercio de Equipamentos Ltda.
S.I.Agro Mexico is owned for $97\%$ by Comet S.p.A. and $3\%$ by P.T.C. S.r.l.
- Agres Sistemas Eletrônicos S.A. is consolidated at $100\%$ as a result of the "Put and Call Option Agreement" that governs the purchase of the remaining $4.5\%$ .
- Poli S.r.l. is consolidated at $100\%$ as a result of the "Put and Call Option Agreement" that governs the purchase of the remaining $20\%$ .
- Ptc Waterblasting LLC has ceased its operational activity.
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Corporate Bodies of Emak S.p.A.
The Ordinary General Meeting of the Shareholders of the Parent, Emak S.p.A. on 29 April 2025 appointed the Board of Directors and the Board of Statutory Auditors for the financial years 2025-2027 and at the same time, it assigned the mandate for the statutory audit of accounts for the nine-year period 2025-2033 and the limited assurance engagement on the consolidated sustainability statement for the 2025-2027 financial years.
Board of Directors
| Non-executive Chairman | Massimo Livatino |
|---|---|
| Deputy Chairman and Chief Executive Officer | Luigi Bartoli |
| Executive Director | Cristian Becchi |
| Independent Directors | Silvia Grappi |
| Elena Iotti | |
| Valeria Venturelli | |
| Non-executive Directors | Francesca Baldi |
| Ariello Bartoli | |
| Paola Becchi | |
| Giuliano Ferrari | |
| Marzia Salsapariglia | |
| Vilmo Spaggiari | |
| Paolo Zambelli |
Risk Control and Sustainability Committee; Remuneration Committee, Related Party Transactions Committee, Nomination Committee
| Chairman | Elena Iotti |
|---|---|
| Members | Valeria Venturelli |
| Silvia Grappi |
Manager in charge of preparing the accounting statements
Roberto Bertuzzi
General Manager
Giovanni Pinzuti
Supervisory Body as per Legislative Decree 231/01
| Chairman | Sara Mandelli |
|---|---|
| Acting member | Marianna Grazioli |
Board of Statutory Auditors
| Chairman | Stefano Montanari |
|---|---|
| Standing auditors | Roberta Labanti |
| Riccardo Moratti | |
| Alternate auditors | Rossana Rinaldi |
| Luigi Gesaldi |
Independent Auditor
KPMG S.p.A.
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Financial highlights – Emak Group
Income statement (€/000)
| Year 2025 | 1Q 2026 | 1Q 2025 | |
|---|---|---|---|
| 612,494 | Revenue | 176,731 | 192,329 |
| 67,566 | EBITDA before non-recurring income/expenses (*) | 23,052 | 26,430 |
| 66,799 | EBITDA (*) | 22,931 | 26,456 |
| 34,403 | EBIT | 14,974 | 18,335 |
| 14,176 | Net profit | 10,063 | 11,210 |
Investment and free cash flow (€/000)
| Year 2025 | 1Q 2026 | 1Q 2025 | |
|---|---|---|---|
| 15,587 | Investment in property, plant and equipment | 3,302 | 4,000 |
| 4,941 | Investment in intangible assets | 1,120 | 1,050 |
| 46,572 | Free cash flow from operations (*) | 18,020 | 19,331 |
Statement of financial position (€/000)
| 31.12.2025 | 31.03.2026 | 31.03.2025 | |
|---|---|---|---|
| 475,997 | Net capital employed (*) | 517,418 | 531,336 |
| (194,370) | Net financial debt (*) | (221,517) | (241,622) |
| 281,627 | Total equity | 295,901 | 289,714 |
Other statistics
| Year 2025 | 1Q 2026 | 1Q 2025 | |
|---|---|---|---|
| 10.9% | EBITDA / Revenue (%) | 13.0% | 13.8% |
| 5.6% | EBIT / Revenue (%) | 8.5% | 9.5% |
| 2.3% | Net profit / Revenue (%) | 5.7% | 5.8% |
| 7.2% | EBIT / Net capital employed (%) | 2.9% | 3.5% |
| 0.69 | Net financial debt / Equity | 0.75 | 0.83 |
| 2,504 | Number of employees at period end | 2,477 | 2,551 |
Share information
| Year 2025 | 1Q 2026 | 1Q 2025 | |
|---|---|---|---|
| 0.92 | Official price (€) | 0.84 | 0.81 |
| 1.04 | Maximum share price in period (€) | 0.98 | 0.94 |
| 0.73 | Minimum share price in period (€) | 0.82 | 0.81 |
| 151 | Stockmarket capitalization (€ / million) | 137 | 132 |
| 163,934,835 | Number of shares comprising share capital | 163,934,835 | 163,934,835 |
| 162,837,602 | Average number of outstanding shares | 162,837,602 | 162,837,602 |
(*) See section "Definitions of alternative performance indicators"
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Directors' report
Information about the current geopolitical context
In an international context still characterised by increasing and high levels of economic and political uncertainty, the Group has continued to closely monitor geopolitical developments and promptly manage the related risks, adopting measures aimed at safeguarding regular business operations and achieving its strategic objectives.
Russia-Ukraine conflict
The ongoing conflict between Russia and Ukraine has had a significant impact on the economic and social systems of the countries involved, with indirect effects on the global economy.
The Group operates in Ukraine mainly through the subsidiary Epicenter Llc, while it distributes its products, in compliance with the international regulations, through independent customers in Russia and Belarus.
Epicenter Llc, a gardening machinery distribution company, located in Kiev and 100% controlled by Emak S.p.A., since the beginning of the hostilities, has implemented all necessary measures to safeguard employee safety, integrity of product inventory and ensure business continuity.
The subsidiary, which has approximately 20 employees, generated a turnover of € 1.1 million in the first quarter of 2026 (€ 3.6 million in 2025), entirely produced in the domestic market.
The local management continues to monitor the evolution of the context to guarantee the continuity of the business under the safest condition.
Net of the subsidiary's activities, the Ukrainian market represents a marginal incidence for the Group, with sales in the first quarter of 2026 amounting to approximately € 250 thousand and commercial exposure of € 113 thousand. Revenue achieved in the Russian and Belarusian markets represents 0.2% of the total turnover (0.2% in 2025) with a commercial exposure equal to zero.
Trade tensions and tariffs
During the first quarter of 2026, protectionist policies continued to persist, particularly with regard to trade flows between the United States, Europe and China.
The Group maintains ongoing monitoring of developments in the regulatory and tariff framework and promptly implements any necessary adjustments to its commercial and operational strategies. Based on the measures communicated to date, the information available and the expected scenarios, the direct impact of tariffs on the Group's financial performance is not considered significant for the achievement of its medium-term objectives, although it represents an additional element of uncertainty and operational complexity in the short term.
Global Logistics – Red Sea Area and Middle East
Geopolitical tensions affecting the Red Sea and Middle East area since the end of 2023 have led to a significant reorganisation of the main international maritime trade routes. In 2025, despite initiatives aimed at restoring transit through the Suez Canal, the persistence of an uncertain security environment has led most operators to favour alternative, longer routes.
In 2026, further critical issues emerged compared with the expectations at the beginning of the year, arising from the intensification of the conflict between the United States and Iran, with significant effects on the security of maritime flows in the Persian Gulf and the Strait of Hormuz, a crucial hub for global energy trade.
These developments may result in increased disruptions and rerouting of traffic, delay the recovery of traditional shipping routes, generate geopolitical uncertainty and lead to higher energy costs.
The situation outlined above could be reflected in the increase in transport costs already experienced over the past two years, in longer delivery times and in reduced reliability of shipping schedules, with effects also extending into the most recent period.
Although the areas affected by the above-mentioned tensions are not sales or sourcing markets, the Group is addressing these challenges through systematic monitoring of the supply chain and the implementation of operational mitigation measures aimed at preserving continuity of supply and limiting economic impacts.
Among the initiatives adopted are the signing of long-term transport contracts with reserved capacity, the diversification of routes and carriers, as well as the adoption of advanced digital tools for vessel geolocation and tracking, which have strengthened end-to-end visibility of logistics flows and reduced dependence on market intermediaries.
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The Group's focus nevertheless remains on closely monitoring developments in the crisis in the Persian Gulf over the coming months, in order to promptly identify any potential impacts on service levels and costs, which cannot currently be ruled out.
Scope of consolidation
Compared to 31 December 2025 and 31 March 2025 there is no change in the scope of consolidation.
Comments on economic figures
Revenue
Emak Group achieved a consolidated turnover of € 176,731 thousand in the first quarter of 2026, compared to € 192,329 thousand of the same period last year, a decrease of 8.1%. This change is due to a decline in organic sales for 6.2% and to the exchange losses for 1.9%.
The decline in revenue recorded in the first quarter of 2026, compared with the corresponding period of the previous year, affected all geographical areas. Revenue recorded in the first quarter of the prior year represented a record high for the Group, supported not only by initiatives to strengthen the sales network and the launch of new products, but also by a low level of inventories within the distribution network. The overall economic environment and the tightening of the competitive landscape, together with the normalisation of inventories at customer level, had negative effects, particularly in the markets serving private end-users in which the Group operates. In addition, specific situations were recorded in certain markets, relating to the closure of some geographies as a result of conflicts or the application of tariffs on products.
EBITDA
EBITDA for the first quarter of 2026 amounts to € 22,931 thousand (13% of revenue), compared to € 26,456 thousand (13.8% of revenue) for the corresponding quarter of the previous year.
During the year, non-recurring expenses for € 121 thousand were recorded (non-recurring expenses for € 20 thousand and non-recurring income for 46 thousand were recorded in the same period of 2025). Ebitda before non-recurring expenses and income equal to € 23,052 thousand with an incidence of 13% on revenue (€ 26,430 thousand with an incidence of 13.7% on revenue for the corresponding quarter of the previous year).
The application of the IFRS 16 principle has resulted in a positive effect on the EBITDA for € 2,885 thousand, compared to € 2,706 thousand in the first quarter of 2025.
In the quarter, EBITDA was negatively impacted by the decline in sales volumes compared with the corresponding period of 2025. However, the trend in selling prices and production costs partially offset the reduction in revenue, also supported by favourable foreign exchange trends, lower logistics costs and improved operating efficiencies achieved at certain Group plants. In addition, specific initiatives were implemented to contain overall operating costs.
The reduction in personnel costs is mainly attributable to lower production volumes, which resulted in reduced demand for temporary workers. The average number of resources employed by the Group was 2,642 units, compared to 2,787 units in the first quarter of 2025.
EBIT
Operating profit for the first quarter 2026 is € 14,974 thousand with an incidence of 8.5% of revenue, compared to € 18,335 thousand (9.5% of revenue) for the corresponding quarter of the previous year.
Amortization, depreciation and impairment losses are € 7,957 thousand, compared to € 8,121 thousand in the same period last year.
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Non-annualized operating profit as a percentage of net capital employed is 2.9% compared to 3.5% in the same period last year.
Net profit
Net profit for the first quarter 2026 is € 10,063 thousand, against € 11,210 thousand in the same period of 2025.
Financial expenses equal to € 2,981 thousand, compared to € 3,185 thousand in the same period last year, due to the trend in market interest rates.
Financial income, which increased to € 1,147 thousand compared to € 392 thousand in the corresponding period of 2025, mainly reflects the positive effects of interest rate risk hedging derivatives.
Exchange gains came to € 164 thousand (exchange losses of € 392 thousand in the same period last year).
The tax rate in the first quarter of 2026 stands at 24.4%, slightly lower than 26% in the corresponding period of 2025, mainly due to a different distribution of income within the Group.
Comment to consolidated statement of financial position
| 31.12.2025 | Thousand of Euro | 31.03.2026 | 31.03.2025 |
|---|---|---|---|
| 220,512 | Net non-current assets (*) | 220,275 | 227,707 |
| 255,485 | Net working capital (*) | 297,143 | 303,629 |
| 475,997 | Total net capital employed (*) | 517,418 | 531,336 |
| 277,472 | Equity pertaining to the owners of the parent | 291,391 | 285,061 |
| 4,155 | Non-controlling interests | 4,510 | 4,653 |
| (194,370) | Net financial debt (*) | (221,517) | (241,622) |
(*) See section "Definitions of alternative performance indicators"
Net non-current assets
During first quarter 2026 Emak Group invested € 4,422 thousand in property, plant and equipment and intangible assets, as follows:
| €/000 | 31.03.2026 | 31.03.2025 |
|---|---|---|
| Technological innovation of products | 1,191 | 1,431 |
| Production capacity and process innovation | 1,725 | 1,892 |
| Computer network system | 693 | 927 |
| Industrial buildings | 523 | 515 |
| Other investments | 290 | 285 |
| Total | 4,422 | 5,050 |
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Investments broken down by geographical area are as follows:
| €/000 | 31.03.2026 | 31.03.2025 |
|---|---|---|
| Italy | 1,867 | 3,622 |
| Europe | 1,011 | 184 |
| Americas | 885 | 844 |
| Rest of the world | 659 | 400 |
| Total | 4,422 | 5,050 |
Net working capital
Net working capital, compared to 31 December 2025, increases by € 41,658 thousand, from € 255,485 thousand to € 297,143 thousand.
The following table shows the change in net working capital at 31 March 2026 compared with the same period last year:
| €/000 | 3M 2026 | 3M 2025 |
|---|---|---|
| Opening Net working capital | 255,485 | 260,283 |
| Increase/(decrease) in inventories | 2,443 | (6,248) |
| Increase/(decrease) in trade receivables | 55,121 | 56,422 |
| (Increase)/decrease in trade payables | (11,055) | (3,943) |
| Change in scope of consolidation | - | 26 |
| Other changes | (4,851) | (2,911) |
| Closing Net working capital | 297,143 | 303,629 |
Net working capital at 31 March 2026 is in line with the normal seasonality of business operations, although lower compared with 31 March 2025 due to lower sales volumes in the first quarter of 2025.
Net financial debt
Net financial debt amounts to € 221,517 thousand at 31 March 2026 compared to € 194,370 thousand at 31 December 2025.
Below are the movements in net financial debt for the first three months of 2026 compared with the same period last year:
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| €/000 | 3M 2026 | 3M 2025 |
|---|---|---|
| Opening Net financial debt | (194,370) | (209,959) |
| Net profit | 10,063 | 11,210 |
| Amortization, depreciation and impairment losses | 7,957 | 8,121 |
| Reversal of profits from acquisition | - | (46) |
| Cash flow from operations, excluding changes in operating assets and liabilities | 18,020 | 19,285 |
| Changes in operating assets and liabilities | (38,940) | (44,445) |
| Cash flow from operations | (20,920) | (25,160) |
| Changes in investments and disinvestments | (4,323) | (4,994) |
| Changes in rights-of-use assets - IFRS 16 | (205) | (1,869) |
| Other equity changes | - | - |
| Changes from exchange rates and translation reserve | (1,699) | 339 |
| Change in scope of consolidation | - | 21 |
| Closing Net financial debt | (221,517) | (241,622) |
Cash flow from operations, excluding changes in operating assets and liabilities, amounted to € 18,020 thousand, compared to € 19,285 thousand for the same period 2025. Cash flow from operations is negative for € 20,920 thousand compared to negative value of € 25,160 thousand in the same period of the previous year.
The strengthening of cash flow from operations, together with the reduction in net working capital, contributed to the improvement in net financial debt compared with the corresponding period of the previous financial year.
Details of net financial debt are analysed as follows:
| (€/000) | 31.03.2026 | 31.12.2025 | 31.03.2025 |
|---|---|---|---|
| A. Cash | 69,186 | 71,147 | 34,177 |
| B. Cash equivalents | - | - | - |
| C. Other current financial assets | 844 | 176 | 348 |
| D. Liquidity (A+B+C) | 70,030 | 71,323 | 34,525 |
| E. Current financial debt | (18,903) | (17,100) | (29,741) |
| F. Current portion of non-current financial debt | (78,489) | (76,445) | (63,285) |
| G. Current financial indebtedness (E + F) | (97,392) | (93,545) | (93,026) |
| H. Net current financial indebtedness (G - D) | (27,362) | (22,222) | (58,501) |
| I. Non-current financial debt | (196,037) | (173,840) | (184,358) |
| J. Debt instruments | - | - | - |
| K. Non-current trade and other payables | - | - | - |
| L. Non-current financial indebtedness (I + J + K) | (196,037) | (173,840) | (184,358) |
| M. Total financial indebtedness (H + L) (ESMA) | (223,399) | (196,062) | (242,859) |
| N. Non-current financial assets | 1,882 | 1,692 | 1,237 |
| O. Net financial debt (M-N) | (221,517) | (194,370) | (241,622) |
| Effect IFRS 16 | 38,940 | 40,728 | 43,532 |
| Net financial debt without effect IFRS 16 | (182,577) | (153,642) | (198,090) |
Net financial debt at 31 March 2026 includes discounted financial liabilities related to the payment of future rental and rent payments, in application of IFRS 16 standard, equal to overall € 38,940 thousand, of which € 9,361 thousand falling due within 12 months. At 31 December 2025 they amounted to a total of € 40,728 thousand, of which € 9,503 thousand falling due within 12 months.
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Current financial indebtedness mainly consists of:
- account payables and self-liquidating accounts;
- loan repayments falling due by 31 March 2027;
- amounts due to other providers of finance falling due by 31 March 2027;
- debt for equity investments in the amount of € 2,885 thousand.
Financial liabilities for the purchase of the remaining non-controlling interests subject to Put & Call Options are equal to € 2,885 thousand and are entirely classified as current. These liabilities refer to the following companies:
- Poli S.r.l. for an amount of € 1,610 thousand;
- Valley LLP for an amount of € 998 thousand;
- Agres for an amount of € 277 thousand.
Equity
Total equity is equal to € 295,901 thousand against € 281,627 thousand at 31 December 2025. Earnings per share at 31 March 2026 is equal to € 0.060 compared to € 0.067 in the same period of the previous year.
On 31 December 2025 the company held 1,097,233 treasury shares for the equivalent of € 2,835 thousand.
From 1 January 2026 to 31 March 2026 Emak S.p.A. did not buy or sell treasury shares, so the quantity in stock and value are unchanged from 31 December 2025.
Highlights of the consolidated financial statement broken down by operating segment for the first quarter 2026
| OUTDOOR POWER EQUIPMENT | PUMPS & WATER JETTING | COMPONENTS & ACCESSORIES | Other not allocated / Netting | Consolidated | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| €/000 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 |
| Revenue - third parties | 62,765 | 68,437 | 68,455 | 71,471 | 45,511 | 52,421 | 176,731 | 192,329 | ||
| Intersegment revenue | 133 | 107 | 744 | 581 | 3,057 | 3,244 | (3,934) | (3,932) | ||
| Total revenue | 62,898 | 68,544 | 69,199 | 72,052 | 48,568 | 55,665 | (3,934) | (3,932) | 176,731 | 192,329 |
| Ebtds (1) | 7,035 | 7,353 | 8,823 | 8,738 | 8,086 | 10,731 | (1,013) | (366) | 22,931 | 26,456 |
| Ebtds/Total Revenue % | 11.2% | 10.7% | 12.8% | 12.1% | 16.6% | 19.3% | 13.0% | 13.8% | ||
| Ebtds before non-recurring expenses (1) | 7,035 | 7,353 | 8,884 | 8,738 | 8,146 | 10,705 | (1,013) | (366) | 23,052 | 26,430 |
| Ebtds before non-recurring expenses/Total Revenue % | 11.2% | 10.7% | 12.8% | 12.1% | 16.6% | 19.3% | 13.0% | 13.7% | ||
| Operating profit | 5,064 | 5,167 | 5,815 | 5,751 | 5,108 | 7,783 | (1,013) | (366) | 14,974 | 18,335 |
| Operating profit/Total Revenue % | 8.1% | 7.5% | 8.4% | 8.0% | 10.5% | 14.0% | 8.5% | 8.5% | ||
| Net financial expenses (1) | (1,670) | (3,178) | ||||||||
| Profit before taxes | 13,304 | 15,157 | ||||||||
| Income taxes | (3,241) | (3,947) | ||||||||
| Net profit | 10,063 | 11,210 | ||||||||
| Net profit/Total Revenue% | 5.7% | 5.8% | ||||||||
| (1) Net financial expenses includes the amount of Financial income and expenses, Exchange gains and losses and the amount of the Income from equity investment | ||||||||||
| STATEMENT OF FINANCIAL POSITION | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 |
| Net financial debt (1) | 31,103 | 13,849 | 136,479 | 131,310 | 53,935 | 49,211 | 0 | 0 | 221,517 | 194,370 |
| Equity | 188,613 | 184,826 | 94,727 | 88,493 | 91,237 | 86,589 | (78,676) | (78,281) | 295,901 | 281,627 |
| Total Equity and Net financial debt | 219,716 | 198,675 | 231,206 | 219,803 | 145,172 | 135,800 | (78,676) | (78,281) | 517,418 | 475,997 |
| Net non-current assets (2) (1) | 122,038 | 122,678 | 103,566 | 103,825 | 69,775 | 69,245 | (75,104) | (75,236) | 220,275 | 220,512 |
| Net working capital (1) | 97,678 | 75,997 | 127,640 | 115,978 | 75,397 | 66,555 | (3,572) | (3,045) | 297,143 | 255,485 |
| Total net capital employed (1) | 219,716 | 198,675 | 231,206 | 219,803 | 145,172 | 135,800 | (78,676) | (78,281) | 517,418 | 475,997 |
| (2) The net non-current assets of the Outdoor Power Equipment area includes the amount of Equity investments in subsidiaries for € 76,074 thousand | ||||||||||
| OTHER STATISTICS | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 | 31.03.2026 | 31.12.2025 |
| Number of employees at period end | 708 | 722 | 948 | 957 | 812 | 816 | 9 | 9 | 2,477 | 2,504 |
| OTHER INFORMATION | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 | 31.03.2026 | 31.03.2025 |
| Amortization, depreciation and impairment losses | 1,971 | 2,186 | 3,008 | 2,867 | 2,978 | 2,948 | 7,957 | 8,121 | ||
| Investment in property, plant and equipment and in intangible assets | 1,405 | 2,126 | 949 | 962 | 2,068 | 1,962 | 4,422 | 5,050 |
(1) See section "Definitions of alternative performance indicators"
Comments on interim results by operating segment
The table below shows the breakdown of "Revenue – third parties" in the first three months of 2026 by operating segment and geographical area, compared with the same period last year.
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| OUTDOOR POWER EQUIPMENT | PUMPS & WATER JETTING | COMPONENTS & ACCESSORIES | CONSOLIDATED | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| €/000 | 1Q 2026 | 1Q 2025 | Var. % | 1Q 2026 | 1Q 2025 | Var. % | 1Q 2026 | 1Q 2025 | Var. % | 1Q 2026 | 1Q 2025 | Var. % |
| Europe | 57,620 | 59,488 | (3.1) | 28,651 | 31,201 | (8.2) | 28,170 | 30,196 | (6.7) | 114,441 | 120,885 | (5.3) |
| Americas | 1,426 | 2,056 | (30.6) | 32,094 | 32,559 | (1.4) | 11,150 | 15,143 | (28.4) | 44,670 | 49,758 | (10.2) |
| Rest of the world | 3,719 | 6,893 | (46.0) | 7,710 | 7,711 | (0.0) | 6,191 | 7,082 | (12.6) | 17,620 | 21,686 | (18.7) |
| Total | 62,765 | 68,437 | (8.3) | 68,455 | 71,471 | (4.2) | 45,511 | 52,421 | (13.2) | 176,731 | 192,329 | (8.1) |
Outdoor Power Equipment
Segment revenue decreased by 8.3% compared with the corresponding period. The main reason is attributable to inventory trends within the distribution network, which led to a contraction in certain European markets and in Turkey. Local situations related to the geopolitical environment also contributed to a decline in sales in the USA, Latin America, the Gulf countries, China, Russia and Belarus. Growth was recorded in the Group's main markets (Italy, France and Hungary), thanks to the success of specific initiatives.
EBITDA, amounting to € 7,035 thousand, decreased compared to € 7,353 thousand at 31 March 2025, due to the decline in sales, while actions aimed at containing operating costs, together with favourable foreign exchange rate trends and lower logistics costs, partly offset the contraction in volumes.
Net financial debt, amounting to € 31,103 thousand, increased compared to 31 December 2025, mainly due to the typical seasonal dynamics of net working capital.
Pumps & Water Jetting
Segment revenue decreased by 4.2% compared to the first quarter of 2025.
The decline is mainly attributable to the slowdown in the Cleaning division, driven by the general weakness in demand, and to a translation effect arising from the exchange rate trends of the US dollar. Conversely, positive trends were recorded in the Agriculture division, driven by strong performance in specific markets such as the United States, Italy, Spain and Australia. Sales in the Industrial division were broadly stable.
EBITDA, amounting to € 8,823 thousand, is broadly in line with € 8,738 thousand in the first quarter of 2025. The result reflects opposing dynamics: the reduction in EBITDA related to the decline in sales in the Cleaning division was offset by growth in the other divisions, a better product mix and operating cost containment measures.
Net financial debt amounting to € 136,479 thousand, increasing compared to 31 December 2025, mainly due to the usual seasonal dynamics of net working capital.
Components & Accessories
Segment revenue decreased by 13.2% compared with the corresponding period.
The decline is mainly attributable to the slowdown in sales of Gardening products and to weak demand recorded in the Americas area. In a market environment characterised by overall weakness, the positive performance of products intended for the agricultural sector in certain reference areas is noted.
EBITDA for the first quarter of 2026, amounting to € 8,086 thousand compared to € 10,731 thousand in the corresponding period of the previous financial year, was affected by the decline in sales, only partially offset by the reduction in operating costs.
Net financial debt amounting to € 53,935 thousand, increasing compared to 31 December 2025, mainly attributable to the cyclical seasonal dynamics of net working capital.
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Foreseeable business outlook
The performance in the first quarter of 2026 reflects dynamics arising from a complex global economic environment characterised by significant uncertainty. In particular, the decline in sales was not unexpected by management, and measures to mitigate the adverse effects have already been planned.
If the macroeconomic conditions return to a more normalised level, business performance will benefit, allowing a gradual recovery during the year in terms of both sales and profitability. In this context, the Group's activities are focused on process optimisation, cost efficiency and the proactive management of any issues that may arise in the near future. Management therefore remains focused on achieving its value creation objectives, adopting a prudent but determined approach.
Subsequent events
In April 2026, Pnr Italia S.r.l., a 100% owned subsidiary of Tecomec S.r.l., completed the disposal of its 100% investment in the Swedish company Pnr Nordic AB for a consideration of € 160 thousand, corresponding to the carrying amount of the investment, in favour of Markusson AB, also a Swedish company wholly owned by Tecomec S.r.l.
The transaction was completed in view of the subsequent merger, in the short term, between Markusson AB and Pnr Nordic AB, with the aim of strengthening the Group's position in the Swedish market and enhancing its competitiveness and local presence. This initiative forms part of an overall strategy aimed at streamlining activities and optimising synergies between the Group's companies.
Other information
Significant operations: derogation from disclosure obligations
The Company has resolved to make use, with effect from 31 January 2013, of the right to derogate from the obligation to publish the informative documents prescribed in the event of significant merger, demerger, share capital increase through the transfer of goods in kind, acquisition and disposal operations, pursuant to art. 70, paragraph 8, and art. 71, paragraph 1-bis of Consob Issuers Regulations, approved with resolution no. 11971 of 14/5/1999 and subsequent modifications and integrations.
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Definitions of alternative performance indicators
The chart below shows, in accordance with recommendation ESMA/201/1415 published on October 5, 2015, the criteria used for the construction of key performance indicators that management considers necessary to the monitoring the Group performance.
- EBITDA before non-recurring expenses and income: is obtained by deducting from EBITDA the impact of charges and income for litigation and grants relating to non-core business, expenses related to M&A transactions, and costs for staff reorganization and restructuring.
- EBITDA: defined as profit/(loss) for the period gross of depreciation of property, plant and equipment, intangible assets and rights-of-use assets, impairment losses on non-current assets, goodwill and equity investments, profit (loss) from equity investment, financial income and expenses, exchange gains and losses and income taxes.
- FREE CASH FLOW FROM OPERATIONS: calculated by adding the items "Net profit" plus "Amortization, depreciation and impairment losses".
- NET WORKING CAPITAL: include items "Trade receivables", "Inventories", "Other current non financial assets" net of "Trade payables" and "Other current non financial liabilities".
- NET FIXED ASSETS or NET NON-CURRENT ASSETS: include non-financial "Non-current assets" net of non-financial "Non-current liabilities".
- NET CAPITAL EMPLOYED: is obtained by adding the "Net working capital" and "Net non-current assets".
- NET FINANCIAL DEBT: this indicator is calculated by adding to the scheme envisaged by the "Call for attention no. 5/21" of 29 April 2021 issued by Consob, which refers to ESMA guidelines 32-382-1138 of 4 March 2021, the non-current financial assets.
It should be noted that alternative performance indicators are not identified as an accounting measure under the International Accounting Standards and, therefore, should not be considered a substitute measure for the evaluation of the performance of the Company and the Group. The criterion for determining these indicators applied by the Company and the Group may not be homogeneous with that adopted by other companies in the sector and, therefore, such data may not be comparable.
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Consolidated financial statements
Consolidated income statement and consolidated statement of other comprehensive income
Thousand of Euro
| FY 2025 | CONSOLIDATED INCOME STATEMENT | 1 Q 2026 | 1 Q 2025 |
|---|---|---|---|
| 612,494 | Revenue | 176,731 | 192,329 |
| 5,050 | Other income | 887 | 951 |
| 2,075 | Change in inventories | (168) | (4,796) |
| (313,047) | Costs of raw materials, consumables and goods | (92,226) | (97,476) |
| (123,230) | Personnel expenses | (32,137) | (32,380) |
| (116,543) | Other operating costs | (30,156) | (32,172) |
| (32,396) | Amortization, depreciation and impairment losses | (7,957) | (8,121) |
| 34,403 | Operating profit | 14,974 | 18,335 |
| 2,359 | Financial income | 1,147 | 392 |
| (13,250) | Financial expenses | (2,981) | (3,185) |
| (3,525) | Exchange gains and losses | 164 | (392) |
| (6) | Profit (loss) from equity investment | - | 7 |
| 19,981 | Profit before taxes | 13,304 | 15,157 |
| (5,805) | Income taxes | (3,241) | (3,947) |
| 14,176 | Net profit (A) | 10,063 | 11,210 |
| (668) | Non-controlling interests | (241) | (247) |
| 13,508 | Net profit attributable to the owners of the parent | 9,822 | 10,963 |
| 0.083 | Basic earnings per share | 0.060 | 0.067 |
| 0.083 | Diluted earnings per share | 0.060 | 0.067 |
| FY 2025 | CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME | 1 Q 2026 | 1 Q 2025 |
| 14,176 | Net profit (A) | 10,063 | 11,210 |
| (8,284) | Traslation gains (losses) | 4,211 | (1,810) |
| 67 | Actuarial gains (losses) (*) | - | - |
| (18) | Income taxes on OCI (*) | - | - |
| (8,235) | Total other components to be included in the comprehensive income statement (B) | 4,211 | (1,810) |
| 5,941 | Comprehensive income for the period (A)+(B) | 14,274 | 9,400 |
| (654) | Non-controlling interests (C) | (355) | (286) |
| 5,287 | Comprehensive net profit attributable to the owners of the parent (A)+(B)+(C) | 13,919 | 9,114 |
(*) Items will not be classified in the consolidated income statement
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Statement of consolidated financial position
Thousand of Euro
| 31.12.2025 | ASSETS | 31.03.2026 | 31.03.2025 |
|---|---|---|---|
| Non-current assets | |||
| 90,314 | Property, plant and equipment | 90,766 | 92,573 |
| 29,412 | Intangible assets | 29,025 | 31,559 |
| 37,991 | Rights-of-use assets | 36,080 | 40,892 |
| 65,621 | Goodwill | 66,816 | 67,210 |
| 7 | Equity investments in other companies | 7 | 8 |
| 800 | Equity investments in associates | 800 | 813 |
| 14,721 | Deferred tax assets | 15,137 | 13,280 |
| 1,692 | Other financial assets | 1,882 | 1,237 |
| 94 | Other assets | 97 | 94 |
| 240,652 | Total non-current assets | 240,610 | 247,666 |
| Current assets | |||
| 247,295 | Inventories | 249,738 | 245,525 |
| 126,559 | Trade and other receivables | 182,089 | 191,512 |
| 7,603 | Current tax receivables | 7,709 | 9,141 |
| 40 | Other financial assets | 38 | 76 |
| 136 | Derivative financial instruments | 806 | 272 |
| 71,147 | Cash and cash equivalents | 69,186 | 34,177 |
| 452,780 | Total current assets | 509,566 | 480,703 |
| 693,432 | TOTAL ASSETS | 750,176 | 728,369 |
| 31.12.2025 | EQUITY AND LIABILITIES | 31.03.2026 | 31.03.2025 |
| --- | --- | --- | --- |
| Equity | |||
| 277,472 | Equity pertaining to the owners of the parent | 291,391 | 285,061 |
| 4,155 | Non-controlling interests | 4,510 | 4,653 |
| 281,627 | Total Equity | 295,901 | 289,714 |
| Non-current liabilities | |||
| 142,615 | Financial liabilities | 166,458 | 149,844 |
| 31,225 | Lease liabilities | 29,579 | 34,514 |
| 8,424 | Deferred tax liabilities | 8,421 | 8,786 |
| 6,371 | Employee benefits | 6,382 | 6,531 |
| 2,762 | Provisions for risks and charges | 2,803 | 2,714 |
| 891 | Other liabilities | 847 | 691 |
| 192,288 | Total non-current liabilities | 214,490 | 203,080 |
| Current liabilities | |||
| 118,031 | Trade and other payables | 131,599 | 132,622 |
| 5,612 | Current tax liabilities | 8,475 | 7,656 |
| 83,380 | Financial liabilities | 87,047 | 82,996 |
| 9,503 | Lease liabilities | 9,361 | 9,018 |
| 662 | Derivative financial instruments | 984 | 1,012 |
| 2,329 | Provisions for risks and charges | 2,319 | 2,271 |
| 219,517 | Total current liabilities | 239,785 | 235,575 |
| 693,432 | TOTAL EQUITY AND LIABILITIES | 750,176 | 728,369 |
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Statement of changes in consolidated equity
| Thousand of Euro | SHARE CAPITAL | SHARE PREMIUM | Treasury Shares | OTHER RESERVES | RETAINED EARNINGS | TOTAL GROUP | NON-CONTROLLING INTERESTS | TOTAL | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Legal reserve | Revaluation reserve | Translation reserve | Reserve IAS 19 | Other reserves | Retained earnings | Net profit of the period | |||||||
| Balance at 31.12.2024 | 42,623 | 41,513 | (2,835) | 5,491 | 4,353 | (3,157) | (948) | 38,081 | 145,071 | 5,755 | 275,947 | 4,367 | 280,314 |
| Profit allocation and dividend distribution | 321 | 2,021 | (658) | (5,755) | (4,071) | (1,002) | (5,073) | ||||||
| Other changes | 309 | 309 | 136 | 445 | |||||||||
| Net profit for the period | (8,269) | 49 | 13,507 | 5,287 | 654 | 5,941 | |||||||
| Balance at 31.12.2025 | 42,623 | 41,513 | (2,835) | 5,812 | 4,353 | (11,426) | (899) | 40,102 | 144,722 | 13,507 | 277,472 | 4,155 | 281,627 |
| Profit allocation and dividend distribution | 13,507 | (13,507) | - | - | - | ||||||||
| Other changes | - | - | - | ||||||||||
| Net profit for the period | 4,097 | 9,822 | 13,919 | 355 | 14,274 | ||||||||
| Balance at 31.03.2026 | 42,623 | 41,513 | (2,835) | 5,812 | 4,353 | (7,329) | (899) | 40,102 | 158,229 | 9,822 | 291,391 | 4,510 | 295,901 |
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Comments on the financial statements
The interim report has been prepared under disclosure continuity, comparability, international best practice and transparency to the market. The Board of Directors of Emak S.p.A. has decided, because of membership in the STAR segment of the Euronext, to draw up and publish the quarterly reports, in compliance with art. 2.2.3, paragraph 3, letter. a) of the Regulation of Markets organized and managed by Borsa Italiana S.p.A. The reports are made available to the public in the usual forms of deposit at the registered office, the company website and the "eMarket Storage" storage mechanism.
In relation to the above, it is confirmed that the accounting principles and policies adopted by the Group in preparing the quarterly consolidated financial statements are consistent with those adopted in the consolidated financial statements at 31 December 2025, with the peculiarities shown below.
In this interim report IAS 19 is not applied as far as the quantification of changes in actuarial gains accrued in the period is concerned. In addition, in the context of disclosure of synthetic and essential character, are not observed all the detailed requirements of IAS 34, whenever it is assessed that its application does not bring meaningful information.
It should be noted that:
- when it has not been possible to obtain invoices from suppliers for the provision of consulting and other services, a reasonable estimate of these costs has been made on the basis of the stage of completion of the work;
- current and deferred taxes have been calculated using the tax rates applied in the current year in the individual countries of operation;
- the quarterly report is not subject to audit;
- all amounts are expressed in thousands of euros, unless otherwise specified.
Exchange rates used for the translation of financial statements in foreign currencies:
| 31.12.2025 | Amount of foreign currency for 1 Euro | Average 3 M 2026 | 31.03.2026 | Average 3 M 2025 | 31.03.2025 |
|---|---|---|---|---|---|
| 0.87 | GB Pounds (UK) | 0.87 | 0.87 | 0.84 | 0.84 |
| 8.23 | Renminbi (China) | 8.10 | 7.93 | 7.66 | 7.84 |
| 1.18 | Dollar (Usa) | 1.17 | 1.15 | 1.05 | 1.08 |
| 4.22 | Zloty (Poland) | 4.24 | 4.29 | 4.20 | 4.18 |
| 19.44 | Rand (South Africa) | 19.14 | 19.63 | 19.46 | 19.88 |
| 49.79 | Hryvnia (Ukraine) | 50.72 | 50.45 | 43.92 | 44.83 |
| 6.44 | Real (Brazil) | 6.16 | 6.01 | 6.16 | 6.25 |
| 21.12 | Mexican Pesos (Mexico) | 20.55 | 20.71 | 21.50 | 22.06 |
| 1,058.13 | Chilean Pesos (Chile) | 1,036.56 | 1,071.69 | 1,013.76 | 1,028.51 |
| 10.82 | Swedish krona (Sweden) | 10.69 | 10.94 | 11.24 | 10.85 |
Significant, non-recurring transactions or atypical, unusual transactions
Exercise of the option on the remaining 19% of Markusson Professional Grinders AB
On 31 March 2026, the subsidiary Tecomec S.r.l., following a resolution of its Board of Directors, exercised the call option for the acquisition of the remaining 19% of the shares of Markusson, as provided for under the agreement entered into in 2020. As a result, the Group's equity interest in the Swedish company reached 100%.
The consideration for the transaction amounted to SEK 15,006 thousand, corresponding to € 1,372 thousand.
Bagnolo in Piano (RE), 12 May 2026
On behalf of the Board of Directors
The Chairman
Massimo Livatino
Interim Report at 31/03/2026
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Declaration of the manager in charge of preparing the accounting statements pursuant to the rules of Article 154-bis, paragraph 2 of Legislative Decree no. 58/1998
The manager in charge of preparing corporate accounting statements of EMAK S.p.A., Roberto Bertuzzi, based on his own knowledge,
certifies,
in accordance with the second paragraph of Art. 154-bis, of Italian Legislative Decree No. 58 of 24 February 1998, that the accounting information contained in the Quarterly Report at 31 March 2026, examined and approved today by the Board of Directors of the company, corresponds with the accounting documents, ledgers and records.
Faithfully,
Bagnolo in Piano (RE), 12 May 2026
Roberto Bertuzzi
The Manager in charge of preparing the accounting statements
Interim Report at 31/03/2026
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