Emak — Interim / Quarterly Report 2026

May 18, 2026

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Northern Midcap Event 2026 19 May 2026

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A enda g

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• Emak at a glance

• Q1 2026 results

• Appendix

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Who we are

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As the Emak Group , we are a global leader in the design of innovative solutions for gardening, forestry, agriculture, cleaning and industry .

For more than 50 years, we have been making our customers' work easier, safer and more efficient, because their satisfaction is our greatest goal. We operate all over the world and are driven by innovation, fairness, competence and team spirit. Values that have always accompanied us in building a future in the name of people, nature and sustainability . Because every step we take is a concrete commitment towards a better tomorrow.

Our production model is flexible , focused on the high value-added phases of engineering, industrialization and assembly. The production plants follow the principles of "lean manufacturing" and involve the entire supply chain according to the extended factory model .

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612.5 €m 4 3 5
Sales Different Business continents
turnover markets segments reached
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Our business se ments g

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Outdoor Power OPE Equipment

Pumps & PWJ Water Jetting

It includes the development, manufacture and marketing of products for gardening, forestry and small agricultural machinery , such as brushcutters, lawn mowers, lawn tractors, chainsaws, motor hoes and motocultivators. We distribute our products under the Oleo-Mac, Efco, Bertolini and Nibbi brands.

We develop, produce and market products for agriculture (pumps for spraying and weeding), industry (industrial pumps, highpressure systems and urban cleaning machines) and cleaning (high-pressure cleaners and floor washer-dryers). Our products are distributed under the brands Comet, HPP, Lemasa, PTC, Lavor, Valley, Poli and Bestway .

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Components & C&A Accessories

We develop components and accessories for all reference markets : from nylon line to brush cutter heads, from sensors and computers for precision farming, to guns and nozzles for pressure washers. In this area we operate under the brands Tecomec, Speed, Markusson, Agres, Spraycom, Sabart and PNR.

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A wide roduct ortfolio… p p

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Gardening & Forestry

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Cleaning

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Agriculture

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Industry

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OPE
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PWJ
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C&A
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…a diversified interconnected Grou … , p

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Gardening &
Cleaning Agriculture Industry
FY 2025 Forestry
612€ m
286€ m 131€ m 131€ m 64€ m
46% 22% 22% 11%
186€ m
OPE 186€ m
30%
100%
244€ m 94€ m 101€ m 49€ m
PWJ
40% 39% 41% 20%
182€ m 100€ m 37€ m 30€ m 15€ m
C&A
30% 55% 21% 16% 8%
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186€ m
OPE
30%
244€ m
PWJ
40%
182€ m
C&A
30%
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… with a lobal business… g

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FY 2025 612€ m

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OPE
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PWJ
C&A
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Europe Americas Rest of the World
62% 28% 11%
377€ m 169€ m 66€ m
88% 3% 9%
164€ m 6€ m 16€ m
45% 45% 10%
110€ m 109€ m 25€ m
57% 29% 14%
103€ m 54€ m 25€ m
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… and a multi channel a roach pp

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Specialized OEM
Mass merchant
dealers 32%
12%
56%
85% 6% 9%
47% 39% 14%
41% 46% 13%
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FY 2025
612€ m
Specialized
dealers
56%
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OPE
PWJ
C&A
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Global presence

FRANCE

Comet France S.p.A. Emak France SAS Lavorwash France S.a.r.l. Speed France SAS USA PNR America INC Speed North America Inc. Valley Industries LLP UK Emak U.K. Ltd Lavorwash GB Ltd MEXICO S.I. Agro Mexico

GERMANY SWEDEN Spraylab WE Gmbh Markusson Professional Grinders AB PNR Nordic AB POLAND Lavorwash Polska Sp.Zo.o. PNR EE Sp.Zo.o. Victus Emak Sp.Zo.o. UKRAINE Epicenter LLC CHINA Jiangmen Emak Outdoor Equipment Co. Ltd Ningbo Tecomec Manufacturing Co. Ltd Tailong Machinery Equipment Ltd. ITALY Yong Kang Lavorwash Equipment Co. Ltd Yongkang Lavor Trading Co. Ltd Comet S.p.A. Emak S.p.A. Lavorwash S.p.A. PNR Italia S.r.l. Poli S.r.l. PTC S.r.l. Sabart S.r.l. Tecomec S.r.l.

SPAIN Emak Suministros Espana S.A. Lavorwash Iberica S.I. Trebol Maquinaria y Suministros S.A.

BRAZIL

Agres Sistemas Eletrònicos S.A. Comet do Brasil Industria e Comercio de Equipamentos Ltda Emak do Brasil Industria Ltda Lavorwash Brasil Ind. E Com. Ltda Spraycom S.A.

CHILE

SOUTH AFRICA

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Speed South America S.p.A

Speed Line South Africa Ltd.

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Our History – From foundation to transformation

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Foundation Efco
Acquisition
Listing on the Italian
Tecomec e Sabart
Stock Exchange Starting the production
facility in China
1972 1978 1992 1998 2001 2004 2008 2011
Emak is born
Acquisition Comet
Foundation
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Foundation Oleo-Mac

Entering the Star Acquisition Segment of the Bertolini Italian Stock Exchange

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Our Histor – Further ex ansion y p

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Emak do Brasil

(Brazil) Markusson (Sweden) Speed Trebol South America Spraycom Agres – 91% (Spain) (Chile) (Brazil) (Brazil) Bestway Lemasa Business (Brazil) (USA) 2012 2013 2015 2017 2018 2019 2020 2021 2022 2023 2024 PNR (Italy) S.I. Agro Mexico Agres – 30% (Mexico) (Brazil) Master Fluid Valley Lavorwash Group Poli Industries (Italy) (Italy) (Italy) Raw Power – 24% (USA) (Italy)

(Brazil)

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Our strate gy

Innovation

We focus on product and process innovation to offer solutions with low emissions and consumption, versatile and made with environmentally friendly materials. We leverage advanced technologies and digitalization to accelerate our growth.

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Distribution

We expand and strengthen our distribution network in the fastest-growing markets , strengthen relationships with OEM customers and adopt a multi-channel approach .

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Acquisitions

Through targeted acquisitions, we expand our expertise and gain access to new technologies , complete the product range and strengthen our presence in new markets .

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Efficiency

We apply a lean approach to optimize the supply chain , create and realize synergies from acquisitions and maximize the return on invested capital .

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A enda g

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• Emak at a glance

• Q1 2026 results

• Appendix

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Q1 2026 hi hli hts g g

SALES

176.7€m vs 192.3€m (-8.1%)

• Organic performance -6.2% (€11.9m), exchange rate -1.9% (€3.7m)

• Significant decline in the Gardening and Cleaning markets

• Recovery in Agriculture(PWJ side)

• Substantially stable Industry division

EBITDA MARGIN Adj 13.0% vs 13.7%

• Contribution margin improving

• Negative leverage effect on costs

NET PROFIT

10.1€m vs 11.2€m

• Higher financial income from interest rate hedging derivatives

• Decrease of financial charges due to lower interest rates

• Positive forex (negative in Q1 25)

• Lower tax rate

NET FINANCIAL POSITION

221.5 €m vs 241.6€m at 31/03/2025 and 194.4€m at 31/12/2025

• Improved NWC management

• Lower cash flow

• Lower capex

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192.3
176.7
13.7%
13.0%
Q1 2025 Q1 2026
11.2
10.1
Q1 2025 Q1 2026
3.6
3.5
3.0
2.8 2.8
198.1
176.5 182.6
160.3 153.6
2x
31/03/2025 30/06/2025 30/09/2025 31/12/2025 31/03/2026
Sales/EBITDA ADJ
Net profit
NO IFRS16
NFP/EBITDA
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Q1 26 – Sales erformance p

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6
5
4
192
177
Q1 2025 Europe Americas Rest of the World Q1 2026
OPE PWJ C&A Total
Total
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• Revenues decrease (-8.1%), organic share -6.2% and from translation changes -1.9%. Reduction in sales in all geographies, the European market more resilient, accentuated declines in the Rest of the World (-18.6%) with a general weakness of Turkey. The American market declined (-11.5%) explained almost entirely by the USD exchange rate effect, together with the decline in Gardening in the USA and Agriculture in Brazil.

• Gardening down for both OPE and C&A. The market that has not yet entered the season (rain and cold in the first months of the year), generally adequate stock levels at the network, a comparison effect with a Q1 2025 at record levels are the main reasons behind the sector's performance.

• Agriculture grew slightly. PWJ grew significantly in both Europe and America, despite headwind from translation changes. C&A down mainly due to the weak performance of the Brazilian market

• Cleaning is confirmed as the sector that suffers the most both for PWJ, where a continuous decline in the hobby market is confirmed, but also a stagnation of the more professional segment and growing competitive pressure, and for C&A which suffers from the slowdown in demand from the main manufacturers served.

• Industry was stable with PWJ recording substantial market stability and a decline for C&A.

Note: As of Q1 2026, PNR Group sales (C&A segment) are considered in the Industrial market for a more consistent representation of the underlying dynamics.

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Q1 26– Sales b se ment y g

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(8.2)
69
63
Q1 2025 Q1 2026
(4.0%)
72
69
Q1 2025 Q1 2026
OPE
PWJ
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(3.0%)
56
49
Q1 2025 Q1 2026
C&A
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Outdoor Power Equipment the level of stocks at the network penalized some European markets and Turkey together with a season that has not yet started. Other local situations related to the geo-political context contributed to a contraction in sales in the USA, Latin America, the Persian Gulf countries, China, Russia and Belarus. Growth was recorded in the main markets where the Group operates (Italy, France and Hungary), thanks to the success of specific initiatives.

Pumps & Water Jetting: The decline is mainly attributable to the slowdown in the Cleaning division, resulting from the general weakness in demand, and to a translation effect due to the trend in the US dollar exchange rate. In contrast, positive dynamics were reported in the Agriculture division thanks to good performance in specific markets such as the United States, Italy, Spain and Australia. Sales of the Industry division were substantially stable.

Components & Accessories: The decline was mainly attributable to the slowdown in sales of gardening products and weak demand in the Americas. In a context characterized by market weakness, the positive performance of products for the agricultural sector in certain key markets stands out.

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EBITDA Adjusted

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7.4
7.0
11.2%
10.7%
Q1 2025 Q1 2026
8.7 8.9
12.8%
12.1%
Q1 2025 Q1 2026
10.8
8.1
19.3%
16.8%
Q1 2025 Q1 2026
OPE
PWJ
C&A
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Outdoor Power Equipment

• i. Improvement in the percentage contribution margin ii. Negative sales and leverage reduction

• iii. Increase in labour costs due to contractual dynamics

• iv. Reduction in fixed costs, promotional/advertising expenses

Pumps & Water Jetting

• i. Contribution margin up, mainly thanks to the growth of “Agri" sales ii. Containment of fixed costs, especially promotional/advertising

• expenses

• iii. Growth in labour costs by wage dynamics

Components & Accessories

• i. Negative operating leverage due to lower sales

• ii. Labor costs down due to a decrease in production volumes

• iii. Operating costs related to production (utilities and external logistics) are down

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Consiglio di Amministrazione del 12/05/2026

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Consolidated balance sheet

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• • • 31.12.2025 €m 31.03.2026 31.03.2025 220.5 Net non-current assets 220.3 227.7 255.5 Net working capital 297.1 303.6 476.0 Total net capital employed 517.4 531.3 (194.4) Net financial position (221.5) (241.6) 40.7 IFRS16 effect 38.9 43.5 (153.6) Net financial position (no IFRS16) (182.6) (198.1) 281.6 Total equity 295.9 289.7
	Capex : ➢4.4€m vs 5€m in 2025 Net working capital : ➢Dynamics coherent with business seasonality ➢Lower sales volumes Net financial position ➢Lower absorption of working capital; ➢Reduction in investment activities compared to last year

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Net Financial Position

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€/million 2
0
4
39
18 222
194
NFP at 31/12/2025 Gross cash flow Change in NWC Capx IFRS 16 Changes from exchange rates PFN 31/03/2026
and translation reserve
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A enda g

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• Emak at a glance

• Q1 2026 results

• Appendix

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Consolidated income statement

FY 2025		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

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Consolidated balance sheet - Assets

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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

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Consolidated balance sheet - Liabilities

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31.12.2025		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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Results b business se ment – Q1 2026 y g

	OUTDOOR POWER EQUIPMENT	OUTDOOR POWER EQUIPMENT	PUMPS & WATER JETTING	PUMPS & WATER JETTING	COMPONENTS & ACCESSORIES	COMPONENTS & ACCESSORIES	Other not allocated / Netting	Other not allocated / Netting	Consolidated	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
Ebitda	7,035	7,353	8,823	8,738	8,086	10,731	(1,013)	(366)	22,931	26,456
Ebitda/Total Revenue %	11.2%	10.7%	12.8%	12.1%	16.6%	19.3%			13.0%	13.8%
Ebitda before non-recurring expenses	7,035	7,353	8,884	8,738	8,146	10,705	(1,013)	(366)	23,052	26,430
Ebitda before non-recurring expenses/Total Revenue %	11.2%	10.7%	12.8%	12.1%	16.8%	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%	9.5%
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	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)	122,038	122,678	103,566	103,825	69,775	69,245	(75,104)	(75,236)	220,275	220,512
Net working capital	97,678	75,997	127,640	115,978	75,397	66,555	(3,572)	(3,045)	297,143	255,485
Total net capital employed	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 atperiod 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	2,987	2,978	2,948			7,957	8,121
Investment inproperty, plant and equipment and in intangible assets	1,405	2,126	949	962	2,068	1,962			4,422	5,050

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Debt com osition at 31.12.2025 p

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Debt maturity €m
83
71
55
44
33
12 11
0
<12 months 12-24 months 26-36 months 36-48 months 48-60 months > 60 months
Gross debt Cash
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Interest condition

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Variable rate;
60%
Fixed rate;
40%
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Ca ex 2025 p

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20.5 €m capex in 2025 (3.4% on sales)

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Investments by business segment GROUP 31.12.2025
31.12.2024 1.3 5.4 0.4 1.2 0.7 9.0
Other investments
8% Technological
innovation of
Industrial buildings products
31.12.2025 1.4 3.8 0.6 1.3 0.8 7.9 10% 26%
31.12.2024 1.0 4.0 2.2 0.8 0.2 8.2
ICT &
Digitalization
14%
31.12.2025 1.0 2.6 0.6 0.1 0.5 4.9
31.12.2024 4.3 1.1 1.1 0.9 0.1 7.5
Production
capacity and
process innovation
31.12.2025 2.8 2.2 1.6 0.7 0.4 7.7 42%
Technological innovation of products Production capacity and process innovation ICT & Digitalization Industrial buildings Other investments
C&A
PWJ
OPE
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Synthesis of results

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									NO IFRS 16	NO IFRS 16	NO IFRS 16	NO IFRS 16	NO IFRS 16	NO IFRS 16	NO IFRS 16
€m	2012	2013	2014	2015	2016	2017	2017 PF	2018	2019	2020	2021	2022	2023	2024	2025
Sales	354.8	355.0	354.8	381.6	391.9	422.2	461.8	452.8	434.0	469.8	588.3	605.7	566.3	601.9	612.5
EBITDA adj	31.7	34.2	33.1	37.5	40.5	45.6	52.5	50.8	40.9	50.0	70.8	69.0	58.5	51.7	56.6
margin	8.9%	9.6%	9.3%	9.8%	10.3%	10.8%	11.4%	11.2%	9.4%	10.6%	12.0%	11.4%	10.3%	8.6%	9.2%
EBIT	16.6	22.4	20.0	23.3	21.9	30.0	35.8	34.0	21.5	32.2	52.3	46.0	36.1	23.1	28.5
margin	4.7%	6.3%	5.6%	6.1%	5.6%	7.1%	7.8%	7.5%	5.0%	6.9%	8.9%	7.6%	6.4%	3.8%	4.7%
Netprofit	8.6	10.5	10.2	9.0	17.7	16.4	20.6	25.6	13.1	19.6	33.1	31.2	19.9	6.5	14.2
margin	2.4%	3.0%	2.9%	2.4%	4.5%	3.9%	4.5%	5.7%	3.0%	4.2%	5.6%	5.1%	3.5%	1.1%	2.3%
FCF from operations*	20.8	22.4	21.7	21.5	35.3	30.4	34.9	41.1	31.8	36.7	51.4	53.7	40.8	33.8	41.5
Net Equity	145.0	150.8	160.1	168.5	181.7	187.5	187.5	205.8	212.2	223.2	257.1	278.4	285.4	282.4	283.9
Net fin. debt	99.9	76.4	79.0	99.4	80.1	125.3	125.3	117.4	116.6	97.7	105.3	139.3	147.6	165.8	153.6
Debt/EBITDA adj	3.1	2.2	2.4	2.7	2.0	2.7	2.4	2.3	2.8	2.0	1.5	2.0	2.5	3.2	2.7

• Calculated by adding the items "Net profit" + "Amortization, depreciation and impairment losses“ – IFRS 16 effect (starting from 2019)

2014 : Acquisition of Speed Industrie Sarl (Marocco), S.I.Agro Mexico, Geoline Electronic (Italy), Master Fluid (Italy), Speed South America (Chile) 2015 : Acquisition of Lemasa (Brazil) 2016: Acquisition of 30% of Cifarelli S.p.A. 2017: Acquisition of Lavorwash Group 2018: Sale of Raico; acquisition of Spraycom (Brazil) 2019: acquisition of 30% of Agres (Brazil) 2020: acquisition of 51% of Markusson (Sweden); increase in Agres to 91% 2021: Acquisition of 80% of Poli (Italy) 2022 : Acquisition of 83.33% of Trebol (Spain) 2023: Acquisition of Bestway AG (USA), 24% of Raw Power (Italy); 2024: Acquisition of PNR Group

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Shareholders and Governance

Emak has been listed on the Italian Stock Exchange since 1998 and since 2001 on STAR segment (dedicated to mid-size companies that adhere to strict requirements appreciated by global investors in terms of governance, liquidity, transparency).

Yama is an industrial holding whose shareholders are the families that founded the Group in late 60’s.

Board of Directors

	Board of Directors
	Livatino Massimo	Chairman
	Bartoli Luigi	Vice Chairman & CEO
	Becchi Cristian	CFO
	Baldi Francesca	Director
	Bartoli Ariello	Director
	Becchi Paola	Director
	Ferrari Giuliano	Director
	Salsapariglia Marzia	Director
	Spaggiari Vilmo	Director
	Zambelli Paolo	Director
	Iotti Elena	Independent Director
	Valeria Venturelli	Independent Director
	Grappi Silvia	Independent Director
	Board of Statutory Auditors
	Montanari Stefano	Chairman
	Labanti Roberta
	Moratti Riccardo
	Independent Auditors
	KPMG S.p.A.

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Roberto Bertuzzi, manager responsible for the preparation of the corporate accounting documents, declares and certifies in accordance with article 154 bis, paragraph 2, of the Consolidated Finance Act, that the financial statements contained in this presentation correspond to the underlying accounting documents, records and accounting entries.

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Emak S.p.A 42011 Bagnolo in Piano (RE) Italy emakgroup.it