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Interpump Group — Earnings Release 2025
Mar 20, 2026
4294_rns_2026-03-20_8953ca0b-73b3-4efd-8a8b-9c120c6d346d.pdf
Earnings Release
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| Informazione Regolamentata n. 0159-13-2026 | Data/Ora Inizio Diffusione 20 Marzo 2026 14:31:06 | Euronext Star Milan |
|---|---|---|
Societa': INTERPUMP GROUP
Utenza - referente : INTERPUMPN03 - Cugnasca Elisabetta
Tipologia : 1.1
Data/Ora Ricezione : 20 Marzo 2026 14:31:06
Data/Ora Inizio Diffusione : 20 Marzo 2026 14:31:06
Oggetto : IP - 2025 Financial Results
Testo del comunicato
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INTERPUMP GROUP
NORTHERN PERU
CERTIFIED
APPROVAL OF THE 2025 CONSOLIDATED FINANCIAL STATEMENTS
Revenues: € 2,070.7 million, -0.4% compared with 2024 (-0.7% on an organic basis)
EBITDA: € 462.0 million, +1.2% compared with 2024 and an EBITDA margin of 22.3% compared with 22% in the prior year
Consolidated net profit: € 209.7 million, -8.2% compared with 2024
Net financial position: € 291.1 million compared with € 409.0 million at 31 December 2024
In the period: net investment of € 98.8 million, FCF of € 220.4 million, acquisitions of € 52.4 million, dividends of € 36.2 million, and net buy-backs of € 11.8 million.
PROPOSAL OF A DIVIDEND OF € 0.35 PER SHARE
APPROVAL OF THE 2025 CONSOLIDATED SUSTAINABILITY REPORT INCLUDED IN THE CONSOLIDATED REPORT ON OPERATIONS
APPROVAL OF THE REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE
ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING CALLED FOR 30 APRIL 2026
Approval of draft financial statements for 2025
Allocation of profit for the year
Report on Remuneration Policy and Compensation Paid: Section II for FY 2025
Appointment of the Board of Directors and the Board of Statutory Auditors
Authorization to purchase and dispose of treasury shares
Renewal of the delegation to the Board of Directors of the increase in share capital
INTERPUMP GROUP S.p.A. - Via E. FERMI, 25 - 42049 S. ILARIO - REGGIO EMILIA (ITALY) - TEL.+39.0522.904311
FAX. +39.0522.904444 - E-mail [email protected]
SHARE CAPITAL € 56,617,232.88 fully paid-up. - R.E. BUSINESS REGISTER - TAX CODE 11666900151 - CHAMBER OF COMMERCE ADMINISTRATIVE AND ECONOMIC INDEX (R.E.A.) No. 204185
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GROUPS
INTERPUMP GROUP
Sant'Ilario d'Enza (RE), 20 March 2026 – The Board of Directors of Interpump Group S.p.A., meeting today under the chairmanship of Fulvio Montipò, approved the draft financial statements for FY 2025 and the related consolidated results, as indicated below.¹
RESULTS FOR FY 2025
Revenues
Net sales for 2025 amounted to € 2,070.6 million, substantially in line (-0.4%) with the € 2,078.4 million of the prior year (at constant perimeter², there was a decrease of 2.7%, which reduced to 0.7% on an organic basis).
Turnover by business sector and geographical area was as follows:
| (€/000) | Italy | Rest of Europe | North America | Far-East and Pacific Area | Rest of the World | Total |
|---|---|---|---|---|---|---|
| 2025 | ||||||
| Hydraulics | 243,735 | 482,608 | 330,580 | 134,723 | 163,307 | 1,354,953 |
| Water Jetting | 78,864 | 245,745 | 188,775 | 136,289 | 66,058 | 715,731 |
| Total | 322,599 | 728,353 | 519,355 | 271,012 | 229,365 | 2,070,684 |
| 2024 | ||||||
| Hydraulics | 241,247 | 488,258 | 388,496 | 146,907 | 142,586 | 1,407,494 |
| Water Jetting | 69,206 | 231,800 | 187,580 | 114,402 | 67,917 | 670,905 |
| Total | 310,453 | 720,058 | 576,076 | 261,309 | 210,503 | 2,078,399 |
| 2025/2024 percentage changes | ||||||
| Hydraulics | 1.0% | -1.2% | -14.9% | -8.3% | +14.5% | -3.7% |
| Water Jetting | +14.0% | +6.0% | +0.6% | +19.1% | -2.7% | +6.7% |
| Total | +3.9% | +1.2% | -9.8% | +3.7% | +9.0% | -0.4% |
¹ The economic-financial data presented in this communication has been rounded to the first decimal place.
² With respect to the results for the prior financial year, the changes in reporting perimeter refer mainly to 10 acquisitions made, 6 made in 2024 and 4 in 2025. The acquisitions relating to 2024 were PP China Co., Ltd., YRP Shanghai Flow Technology Co., Ltd., Alltube Engineering Ltd., Alfa Valvole S.r.l., H.S. S.r.l. e Hidrover Equip Hidraulicos Ltda: the first two and the fourth have been consolidated by the Water Jetting division since April and June respectively, while the second, second last and last have been consolidated by the Hydraulics division since May, July and December respectively. The acquisitions relating to 2025, all relating to the Hydraulics division, are Padoan S.r.l. (consolidated from July), Tutto Hydraulicos and Borghi Assali Srl (consolidated from November) and finally Farma Srl (consolidated from December only at the equity level).
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INTERPUMP GROUP
The percentage changes 2025 on 2024 at a comparable scope of consolidation are as follows:
| (€/000) | Italy | Rest of Europe | North America | Far-East and Pacific Area | Rest of the World | Total |
|---|---|---|---|---|---|---|
| Hydraulics | +0.1% | -2.6% | -15.1% | -8.5% | -1.9% | -6.1% |
| Water Jetting | +1.5% | +4.7% | +0.8% | +16.1% | -4.3% | +4.3% |
| Total | +0.4% | -0.2% | -9.9% | +2.3% | -2.7% | -2.7% |
Focusing on the organic evolution, while the results recorded from an overall performance point of view are in line with those of the prior year with the two divisions characterized by opposite trends – the Hydraulics division down and the Water Jetting division up – the evolution during 2025 is different from that of 2024, particularly with regard to the Hydraulics division. In fact, in 2024, the Hydraulics division had recorded an organic decline of 14% with all quarters characterized by double-digit declines; conversely, in the year just ended the division, after a still difficult Q1 (-14.5%), a marked improvement was recorded in Q2 (-7.0%) which turned into growth in Q3 (+3.4%) and strengthened in Q4 (+4.8%), limiting the decrease in turnover over the entire period to 4.1%. This evolution could indicate the conclusion after two years of the normalization process that characterized the division downstream of the post-pandemic peak. The Water Jetting division confirmed the positive trend recorded since 2021 with growth in FY 2025 of 6.3%. In addition to the post-pandemic recovery that for this division manifested itself later and more gradually than that of the Hydraulics division by virtue of the different characteristics of the two activities, some important contracts in China were added that made the results of the first half particularly strong (+13.9%) while during the second half of the year the evolution of activities was discounted by the comparison with the best quarters of the previous year (growth of +7.6% in the second half of 2024).
Profitability
EBITDA for 2025 was € 462.0 million, an increase of 1.2% from € 456.2 million in the prior year and with an impact on sales of 22.3% compared with 22.0% in 2024. The improvement reflects the Group's continuous effort to adapt the cost structure in two different situations in terms of revenues: in the Hydraulics division, the Group has moved from an activity aimed at mitigating the decrease in turnover to one of constant adaptation in conjunction first with an improvement and then with growth, while in the Water Jetting division the focus has been on reducing the impacts of production inefficiencies related to peaks in demand manifested in the prior year. The newly acquired companies had no dilutive impacts.
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The following table sets out EBITDA by business sector:
| | 2025
€/000 | % on
total
revenues | 2024
€/000 | % on
total
revenues | Increase/
Decrease |
| --- | --- | --- | --- | --- | --- |
| Hydraulics | 266,212 | 19.6% | 279,817 | 19.8% | -4.9% |
| Water Jetting | 195,752 | 27.2% | 176,805 | 26.2% | +10.7% |
| Total | 461,964 | 22.3% | 456,622 | 22.0% | +1.2% |
EBIT was substantially in line with the prior year – € 336.6 million compared to € 337.8 million – due to the increase in depreciation deriving from the significant investment plan carried out in previous years.
Net financial expenses totaled € 38.1 million, compared with € 27.1 million in the prior year. The increase reflects, firstly, higher exchange rate losses compared with the prior year and, secondly, a negative balance between financial income and expenses related to the adjustment of the estimated debt for the commitment to purchase the remaining shares of subsidiaries. The improvement compared to the prior year in the results of some subsidiaries to which the Group has purchase commitments has in fact led to a redetermination of the possible purchase debt and therefore of the related financial interests.
Income taxes increased from € 82.6 million to € 89.1 million with a tax rate that increased from 26.5% to 29.8%: it should be noted that in the previous year some of the Group's subsidiaries had enjoyed non-repeatable tax benefits.
Consolidated net profit for the year totaled € 209.7 million, a decrease of 8.2% from € 228.5 million in 2024 due to the phenomena mentioned above.
Basic earnings per share were € 1.955 compared with € 2.124 in 2024.
Capital employed eased from € 2,495.5 million at 31 December 2024 to € 2,486.2 million at 31 December 2025.
The non-annualized ROCE was 13.5%, in line with the prior year, while the ROE was 9.9% (11.3% in 2024).
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Financial situation
The free cash flow during the year reached € 220.4 million, compared with € 205.1 million in 2024, thanks to the improvement in net liquidity generated from operations, which decreased from € 307.2 million in 2024 to the current € 347.5 million, and thanks to the further significant reduction in investments, from € 135.3 million to € 98.8 million. This result represents the Group's historical record of cash generation.
The net financial position at 31 December 2025 was € 291.1 million, compared with € 409.1 million at 31 December 2024³. Investments amounted to € 98.8 million, while outlays for the acquisition of equity investments⁴ and the payment of dividends were € 52.4 and € 36.2 million respectively; conversely, the combination of the proceeds from the sale of treasury shares to the beneficiaries of the Stock Option Plans (€ 4.8 million) and the resumption of the Buy-back Plan during the first part of the year (€ 16.6 million) resulted in a total outlay of € 11.8 million.
The following table provides summary information about the principal equity investments acquired during the year⁵:
| Name | Country | Financial data | Investment acquired | Total consideration | Consolidation | |
|---|---|---|---|---|---|---|
| Turnover | EBITDA margin | |||||
| Padoan⁶ | Italy | € 15m | 17% | 65% | € 16m | Hydraulics July 2025 |
| Tutto Hydraulicos⁷ | Brazil | € 12m | 24% | 100% | € 12m | Hydraulics November 2025 |
| Borghi Assali⁸ | Italy | € 12m | 15% | 70% | € 8m | Hydraulics November 2025 |
³ At 31 December 2025, the Group had commitments for the acquisition of stakes in subsidiaries totaling € 85.0 million, compared with € 67.1 million at 31 December 2024.
⁴ Acquisition of equity investments, including the net debt received and excluding the treasury shares assigned.
⁵ For the Hydraulics division, the acquisition of the remaining 0.23% of Interpump Hydraulics France still not owned by the Group, which is now 100% owned, while for the Water Jetting division, the acquisition of Nuova S.M., a company active in metal processing and finishing, consolidated using the equity method.
⁶ For further information, see the press release dated 16 June 2025.
⁷ For further information, see the press release dated 24 October 2025.
⁸ For further information, see the press release dated 4 November 2025.
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| Farma^{9} | Italy | € 15m | 25% | 100% | € 22m | Hydraulics December 2025 (from an equity point of view only) |
|---|---|---|---|---|---|---|
Geographical and product diversification are the strategic objectives of these acquisitions. In particular, the acquisitions of Padoan and Tutto Hydraulicos make it possible to strengthen the Group in geographical areas where the Group's presence for related products – respectively tanks for industrial vehicles and for machinery and hydraulic cylinders – was considered inadequate, while Borghi Assali and Farma expand their product portfolio: axles are in fact complementary to gearboxes and Farma's products make it possible to expand and complete the offer of “hydraulic kits”.
At 31 December 2025 Interpump S.p.A. holds 2,494,087 treasury shares corresponding to 2.290% of the share capital, acquired at an average unit cost of € 37.96064.¹⁰
Events occurring after 31 December 2025
No atypical or unusual transactions have been carried out subsequent to 31 December 2025 that would call for changes to the consolidated financial statements.
Please note that on 17 February 2026 Interpump Group S.p.A., in the context of the plan to purchase treasury shares authorized at the Shareholders' Meeting held on 29 April 2025 pursuant to art. 144-(2) of Consob Regulation 11971/1999, launched a program to purchase a total of 500,000 treasury shares on the MTA, organized and managed by Borsa Italiana S.p.A., between 17 February and 16 May 2026, at maximum price of € 60.00 per share and, therefore, with a maximum outlay of € 30 million. For the purposes of implementing this buy-back program, the Company granted a specific mandate to Banca Akros S.p.A. on 16 February 2026, a mandate that ended on 11 March: on that date, Interpump Group S.p.A. held 2,985,087 shares in its portfolio, equal to 2.742% of the share capital, purchased at an average cost of € 37.97442.
⁹ For further information, see the press release dated 18 December 2025.
¹⁰ Please note that: 1) On 24 March 2025, in the context of the plan to purchase treasury shares authorized at the Shareholders' Meeting held on 26 April 2024 pursuant to art. 144-(2) of Consob Regulation 11971/1999, Interpump Group S.p.A. launched a program to purchase a total of 250,000 treasury shares on the MTA between 24 March and 23 June 2025, at maximum price of € 40.00 per share and, therefore, with a maximum outlay of € 10,000,000. The program was completed on 9 April with the acquisition of a total of 250,000 treasury shares at an average price of € 31.8391 each and a total outlay of € 7,959,773; 2) On 18 May 2025, in the context of the plan to purchase treasury shares authorized at the Shareholders' Meeting held on 29 April 2025 pursuant to art. 144-(2) of Consob Regulation 11971/1999, Interpump Group S.p.A. launched a program to purchase a total of 250,000 treasury shares on the MTA between 19 May and 18 August 2025, at maximum price of € 60.00 per share and, therefore, with a maximum outlay of € 15,000,000. The program was completed on 26 June with the purchase of a total of 250,000 treasury shares at an average price of € 34.5371 each and a total outlay of € 8,634,283.
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Business outlook¹¹
Interpump confirms its extraordinary capacity for resilience and solidity despite a global context of persistent uncertainty and geo-political/economic changes that have few precedents. The diversification that characterizes Interpump represents a solid element of protection and stability.
For this reason, Interpump believes that it will be able to achieve growth in turnover in the current year if the trends of the previous year are confirmed, or to minimize the possible impacts of any deterioration: therefore, the Group prudently estimates, on an organic basis, a change in turnover of between +3% and -2%, with a different contribution from the two divisions, particularly in the first part of the year. In fact, while the recovery process of the Hydraulics division should continue positively, the Water Jetting division will not see a repeat of an extraordinary order that resulted in record values last year and will not allow the solid continuity of the division to be fully appreciated.
Thanks to the flexibility of its business model, the Group will continue to work to confirm the levels of excellence in terms of margins and to continue the process of normalizing both investments and working capital to achieve a new record in terms of cash generation.
Forecast for three-year period 2026-2028¹¹
Diversification is a fundamental feature of Interpump's growth strategy because it makes it possible to minimize entrepreneurial risk by balancing the cyclical nature of the various reference markets. This strategy has always been implemented by supporting organic growth through constant product and application innovation, the improvement of production structures and processes and a continuous focus on the market. The resulting operational excellence has ensured a cash flow that the Group has dedicated primarily to external business development in order to accelerate the growth process and strengthen its presence in the reference markets, including through the expansion of the product portfolio and the further diversification of its scope of activity.
The Group also confirms this approach for the next three years and has set itself the following objectives:
- the achievement of a consolidated turnover of € 2,500 million at the end of 2028 through a combination of organic growth and grafts of new companies;
- the maintenance of a consolidated Ebitda margin of around 22.5%, despite the dilution expected from the consolidation of newly acquired companies;
- the reduction to zero of the consolidated Net Financial Position at the end of 2028, thanks to the achievement of significant cash flows;
¹¹ Consistent with the information provided following approval of the interim results for Q4 2025 and the preliminary results for 2025 on 13 February 2026.
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This strong position will allow the Group to evaluate more ambitious acquisition opportunities, including proportionately.
UPDATE ON IMPLEMENTATION OF THE ESG PLAN FOR 2023-2025
The implementation, during 2025, of the six actions envisaged allowed the Group to fully complete 19 initiatives included in the 2023-2025 ESG Plan¹². The actions referring to the two-year period 2023-2024 were focused on the integration of ESG principles into the corporate strategy, contributing to the definition of the related value and organizational framework. The actions carried out in the year just ended instead provided the operational support necessary to align with the decarbonization targets set for 2032¹³.
The following table summarizes the actions in 2025:
| ESG PLAN 2023-25 | ||
|---|---|---|
| 2025 ACTIONS | Notes | |
| E.2 | Reduce the carbon intensity of the Group | 2021 data: 0.040 tCO2 eq/k € |
| 2025 target figure: 30% reduction (= 0.028 tCO2 eq/k €) | ||
| 2025 data: 0.024 tCO2 eq/k € | ||
| E.3 | Increase the use of renewable energy sources (% of total electricity consumed) | 2021 data: 3% |
| 2025 target figure: 25% | ||
| 2025 data: 29% | ||
| E.5 | Pilot project in the field of circular economy | |
| Phase 2: Applicability analysis and definition of extension | Verified applicability |
¹² Please note that the 2023-2025 ESG Plan was divided into 20 actions, 19 of which with a time horizon of execution for the three-year period 2023-2025 and 1 – S.2: ISO 45001 extension for the Group's production companies – for FY 2027.
¹³ Please note that the perimeter of the 2023-2025 ESG Plan as a whole was represented by 94 Group companies, which became 90 at 31 December 2025 by virtue of corporate simplification activities. At the time the Plan was drawn up, there were 25 companies included in the sample defining the E.1. – Carbon neutrality strategy – subsequently increased to 29 during the process of defining the Strategy which, it should also be noted, applies to all companies included in the Group at the time the Strategy was defined.
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| E.6 | Implement a continuous water withdrawal/discharge monitoring system at Group plants | System implemented |
|---|---|---|
| S.3 | Increase average per capita hours of non-compulsory training at Group level | 2021 figure as a starting point |
| 2025 target figure: +35% | ||
| 2025 data: +55% | ||
| S.4 | Develop a Group global mobility program | Program approved |
| by the Board of Directors on 14 November 2024 | ||
| S.7 | Assess working environments to promote diversity & inclusion principles (pilot project) | Pilot project implemented |
| G.5^{14} | Annual update of GRI 207-4 information on “Country-by-Country” Reporting | Action taken |
| (the annual update will be made available in a separate document once it has been fully drawn up). | ||
| G.6^{14} | Communicate ESG Plan 2023-2025 implementation | Action taken^{15} |
In detail of the actions carried out in FY 2025:
- Actions E.2 and E.3: these actions are to be evaluated together as the emissions profile and the type of energy consumption are intrinsically linked. The increase in the percentage of renewable electricity consumed from 3% to 29% of the total was achieved on the one hand through the installation of photovoltaic systems on the roofs of the company's plants – during the three-year period an investment of over € 10 million made it possible to reach a total installed capacity of 16.0 MWp16 – and on the other hand through the activation of a Power Purchase Agreement starting from January 2025 for the purchase of certified electricity. Thanks to these interventions, Scope 1 and 2 emissions have increased from 62,181 tons to 42,872 tons, bringing the emission coefficient
14 This objective is addressed annually during the Plan period.
15 Material available on the Group's website in the sections "Investor Relations, presentations, ESG" and "Sustainability, documents and reports"
16 By way of example, an installed capacity of 16.0 MWp, assuming operations equivalent to 1,1000 hours per year on average, covers the electricity needs of about 5,500 Italian households.
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to 0.024tCO2 eq/K €¹⁷, an important step towards achieving the target of reducing emissions by approximately 45% by 2032 of the Group's 2023-2032 Decarbonization Strategy;
-
E.5: the application of the methodological process that led to the requalification as a by-product of certain types of metal scrap – such as blanks, non-compliant components and non-compliant castings in steel and cast iron – generated by some Group companies, has made it possible to deepen the technological maturity and characteristics of the supply chains in which these companies operate. The analysis highlighted how elements such as the design and configuration of production facilities, together with the geographical proximity of qualified partners in the recycling of industrial materials represent decisive factors for the success of circular economy initiatives;
-
Action E.6: the objective of improving the operating methods for monitoring water resources was functional to the creation and dissemination within the Group of greater awareness of the use of these resources;
-
Action S.3: during 2025, the Group has further strengthened its commitment to training thanks to the implementation of programs delivered through a plurality of tools – from face-to-face training to digital e-learning platforms. Between 2021 and 2025, the hours of non-mandatory training for over 8,100 employees included in the “ESG perimeter” increased by 55%, significantly exceeding the Plan's target of 35%. The training activities involved all categories of employees and focused on three key areas: technical development, soft skills and language skills;
-
Action S.7: following the substantial change in the political context in the United States over the last two years, the Group has deemed it appropriate to reshape the scope of implementation of the pilot project originally envisaged by the Plan. The initiative has therefore been implemented at the Italian subsidiary Tubiflex instead of by the US company Muncie Power as initially planned, and the results that have emerged will constitute a significant information element to guide the subsequent developments of the Group's initiatives in the field of social issues and, more generally, of policies to leverage people. The company implemented a project to assess the work environment through structured tools that allowed the shared creation of practical solutions to improve organizational well-being and consolidate a corporate culture based on equity, inclusion and a sense of belonging.
APPROVAL OF THE 2025 FINANCIAL STATEMENTS
Accordingly, the Board of Directors resolved to call the Shareholders’ Meeting for 30 April 2026, in first and only calling, to approve the 2025 financial statements.
¹⁷ Revenues to third parties of the 90 companies included in the scope of the ESG Plan amounted to € 1,803 million.
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PROPOSED DIVIDEND
At today's meeting, the Board of Directors resolved to recommend that the Shareholders' Meeting approve the distribution of a dividend of € 0.35 per share (€ 0.33 in the prior year). If approved, this dividend will be payable from 20 May 2026 with reference to the accounting records at the end of the accounting day on 19 May 2026 (record date), following the clipping of coupon no. 32 on 18 May 2026.
APPROVAL OF THE CONSOLIDATED SUSTAINABILITY REPORT INCLUDED IN THE CONSOLIDATED REPORT ON OPERATIONS
At today's meeting, the Board of Directors also approved the Consolidated Sustainability Report for FY 2025 (the "Report"), pursuant to Legislative Decree 125/2024. The CSR is included in the Report on Operations accompanying the consolidated financial statements at 31 December 2025.
This document will be made available to the public in the manner and with the timing envisaged by law, giving appropriate notice to the public.
APPROVAL OF THE REPORT ON CORPORATE GOVERNANCE AND THE OWNERSHIP STRUCTURE
Pursuant to art. 123-(2) of the Consolidated Finance Act (TUF), it is confirmed that the Board of Directors has approved the Report on Corporate Governance and the Ownership Structure for 2025. This document will be published in the manner and with the timing envisaged by law, giving appropriate notice to the public.
ORDINARY AND EXTRAORDINARY SHAREHOLDERS' MEETING CALLED FOR 30 APRIL 2026
At today's meeting, the Board of Directors also resolved to convene the Ordinary and Extraordinary Shareholders' Meeting on a single call for 30 April 2026 at 10.00 a.m. In the ordinary session, the intention is to submit, among others, in addition to the approval of the 2025 financial statements, the presentation of the 2025 consolidated financial statements, accompanied by the report on management including sustainability reporting pursuant to Legislative Decree no. 125/2024 for FY 2025), and the dividend proposal, as well as the main topics indicated below. It should also be noted that the Ordinary Shareholders' Meeting will also be called to resolve on the appointment of the Board of Directors and the Board of Statutory Auditors, considering that both bodies currently in office will expire with the approval of the financial statements at 31 December 2025.
In the extraordinary session, the intention is to submit the renewal of the delegation to the Board of Directors to increase the share capital with the exclusion of pre-emption rights, pursuant to art. 2443 and 2441(4) of the Civil Code provided for by art. 5 of the Articles of Association and consequent amendment thereto.
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Please note that, in light of the extension of the deadline for holding the Shareholders' Meetings in the manner set out in art. 106 of Decree Law no. 18/2020, most recently provided for by Legislative Decree no. 200/2025, converted into Law no. 26/2026, the Board further decided that the Shareholders could only participate and exercise their voting rights via the Designated Representative pursuant to art. 135-11 of Legislative Decree 58/1998, without any physical attendance by individual Shareholders.
Further information about the items on the agenda is contained in the Notice of Shareholders' Meeting and in the Report of the Board of Directors to the Shareholders' Meeting pursuant to art. 125-(3) TUF, which will be made available to the public by the legal deadline.
Report on Remuneration Policy and Compensation Paid: Section II for FY 2025
The Board of Directors also approved Section II of the Report on remuneration policy and compensation paid for FY 2025. Accordingly, the Meeting called for 30 April 2026 will be requested to approve these Sections, casting its non-binding vote on Section II, pursuant to art. 123-(3), subsections 3-(3) and 6, TUF.
The above Sections will be published in the manner and with the timing envisaged by law, giving appropriate notice to the public.
Authorization to purchase and dispose of treasury shares
The Board of Directors also resolved to present at the Ordinary Shareholders' Meeting on 30 April 2026 the proposal to authorize the purchase and disposal of treasury shares. In particular, subject to revocation of the unexercised part of the existing authorization granted at the Shareholders' Meeting held on 29 April 2025 that expires in October 2026, the Shareholders' Meeting will be recommended to approve a new authorization for the purchase and disposal of treasury shares that is valid until October 2027, the key characteristics of which are presented below.
Such authorization to purchase on one or more occasions, whether in the market or via public offers to purchase or exchange in accordance with the law, relates to a maximum number of ordinary shares that, having regard for the ordinary shares held from time to time in the portfolios of the Company and its subsidiaries, does not in total exceed 10% of the share capital of the Company. Purchases may be made at a unit price per share of between a minimum equal to the nominal value of € 0.52 (zero/52) and a maximum of € 65.00 (sixty-five/00). The authorization would have maximum duration of 18 (eighteen) months from the date of approval at the Shareholders' Meeting. The purpose of this authorization to purchase and dispose of treasury shares is to enable the Company to acquire and use ordinary shares for the following purposes: (i) stabilize the share price should market liquidity be low, (ii) equip the Company with shares for use as consideration in special transactions, including the exchange and sale of shares, contributions and other types of disposal and/or use, and in the context of potential agreements with strategic partners, (iii) service the exercise of warrants or depository receipts representing shares or similar securities and (iv) service the existing incentive plans and any future plans that may be adopted by the Company.
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S. Ilario d'Enza (RE), 20 March 2026
For the Board of Directors
The Executive Chairman
Fulvio Montipò
Mauro Barani, the manager responsible for drafting the company's accounting documents, declares - pursuant to art. 154-(2), subsection 2, TUF - that the accounting disclosures in this press release correspond to the contents of the underlying documents, the accounting books and the accounting entries.
This press release contains, or may contain, forward-looking statements that are based on current expectations and projections made by the Interpump Group with regard to future events. By their nature, these are inherently subject to a degree of risk and uncertainty. Such declarations relate to events and depend on circumstances that may or may not occur in the future and, as such, it would be inappropriate to rely on them unduly. Actual results may differ significantly from those envisaged in such declarations for many reasons, including the constant volatility and further deterioration of the capital and financial markets, changes in macroeconomic conditions and economic growth, other changes in business conditions, changes in regulations and in the institutional context (in both Italy and other countries), and a large number of additional factors, the majority of which are beyond the control of the Group.
Pursuant to art. 65-(2) (subsection 2) of Consob resolution 11971/1999 as amended, the Draft Financial Statements for FY 2025 will be made available to the public at the registered office and may also be consulted on the "Financial Statements and Reports" page of the "Investor relations" section of the corporate website www.interpumpgroup.it, as well as on the website of the authorized repository www.emarketstorage.com.
Media Relations:
Moccagatta Associati
Tel. +39 02 8645.1695
Investor Relations:
Elisabetta Cugnasca
Tel. +39 0522 904433
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BOR & CO. KLOM
INTERPUMP GROUP
ENTERPUMP GROUP
Consolidated income statement for 2025
| (€/000) | 2025 | 2024 |
|---|---|---|
| Revenues | 2,070,684 | 2,078,399 |
| Cost of sales | (1,339,909) | (1,364,753) |
| Gross profit | 730,775 | 713,646 |
| Other net revenues | 41,871 | 36,714 |
| Distribution expenses | (185,174) | (173,890) |
| General and administrative expenses | (241,005) | (227,118) |
| Other operating costs | (9,903) | (11,538) |
| EBIT | 336,564 | 337,814 |
| Financial income | 27,271 | 35,296 |
| Financial expenses | (65,326) | (62,380) |
| Equity method contribution | 339 | 302 |
| Profit for the period before taxes | 298,848 | 311,032 |
| Income taxes | (89,139) | (82,562) |
| Consolidated profit for the year | 209,709 | 228,470 |
| Attributable to: | ||
| Shareholders of Parent | 208,122 | 227,051 |
| Minority shareholders of subsidiaries | 1,587 | 1,419 |
| Consolidated profit for the year | 209,709 | 228,470 |
| Basic earnings per share | 1.955 | 2.124 |
| Diluted earnings per share | 1.950 | 2.120 |
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^{}[]ør storage
CERTIFIED
Comprehensive consolidated income statement for 2025
| (€/000) | 2025 | 2024 |
|---|---|---|
| Consolidated profit for the financial year (A) | 209,709 | 228,470 |
| Other comprehensive profit (loss) that will be subsequently reclassified in consolidated profit for the year | ||
| Gains (losses) on translating the financial statements of foreign companies | (78,378) | 26,317 |
| Gains (losses) from companies accounted for using the equity method | (141) | (132) |
| Applicable taxes | - | - |
| Total other comprehensive income (loss) which will subsequently be reclassified to consolidated profit for the year, net of tax effect (B) | (78,519) | 26,185 |
| Profit (Loss) deriving from the remeasurement of defined benefit plans | 900 | (1) |
| Applicable taxes | (216) | - |
| Total other comprehensive profit (loss) which will not subsequently be reclassified to consolidated profit for the year (C) | 684 | (1) |
| Comprehensive consolidated profit for the financial year (A) + (B) + (C) | 131,874 | 254,654 |
| Attributable to: | ||
| Shareholders of Parent | 130,479 | 253,308 |
| Minority shareholders of subsidiaries | 1,395 | 1,346 |
| Comprehensive consolidated profit for the year | 131,874 | 254,654 |
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CERTIFIED
INTERPUMP GROUP
Consolidated statement of financial position at 31 December 2025
| (€/000) | 31/12/2025 | 31/12/2024 | |
|---|---|---|---|
| ASSETS | |||
| Current assets | |||
| Cash and cash equivalents | 415,704 | 392,637 | |
| Trade receivables | 397,253 | 385,963 | |
| Inventories | 678,984 | 700,614 | |
| Tax receivables | 41,208 | 56,381 | |
| Other current assets | 28,182 | 34,647 | |
| Total current assets | 1,561,331 | 1,570,242 | |
| Non-current assets | |||
| Property, plant and equipment | 844,608 | 853,747 | |
| Start-up | 865,841 | 837,798 | |
| Other intangible fixed assets | 74,060 | 76,896 | |
| Other financial assets | 5,539 | 3,948 | |
| Tax receivables | 2,963 | 2,635 | |
| Deferred tax assets | 41,612 | 43,640 | |
| Other non-current assets | 2,684 | 2,866 | |
| Total non-current assets | 1,837,307 | 1,821,530 | |
| Assets held for sale | - | - | |
| Total assets | 3,398,638 | 3,391,772 |
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CERTIFIED
INTERPUMP GROUP
| (€/000) | 31/12/2025 | 31/12/2024 |
|---|---|---|
| LIABILITIES | ||
| Current liabilities | ||
| Trade payables | 233,564 | 237,371 |
| Bank debts | 33,688 | 33,236 |
| Interest-bearing financial debts (current portion) | 232,031 | 241,919 |
| Tax liabilities | 36,447 | 28,360 |
| Other current liabilities | 158,278 | 148,792 |
| Provisions for risks and charges | 8,862 | 8,858 |
| Total current liabilities | 702,870 | 698,536 |
| Non-current liabilities | ||
| Interest-bearing financial debts | 441,084 | 526,526 |
| Liabilities for employee benefits | 21,995 | 21,292 |
| Deferred tax liabilities | 31,968 | 32,753 |
| Tax liabilities | 120 | 164 |
| Other non-current liabilities | 77,640 | 80,028 |
| Provisions for risks and charges | 12,860 | 13,136 |
| Total non-current liabilities | 585,667 | 673,899 |
| Total liabilities | 1,288,537 | 1,372,435 |
| SHAREHOLDERS' EQUITY | ||
| Share capital | 55,320 | 55,505 |
| Legal reserve | 11,323 | 11,323 |
| Share premium reserve | 37,673 | 42,564 |
| Remeasurement reserve for defined benefit plans | (5,241) | (5,923) |
| Translation reserve | (40,217) | 38,108 |
| Other reserves | 2,039,750 | 1,866,775 |
| Group shareholders' equity | 2,098,608 | 2,008,352 |
| Non-controlling interests | 11,493 | 10,985 |
| Total shareholders' equity | 2,110,101 | 2,019,337 |
| Total shareholders' equity and liabilities | 3,398,638 | 3,391,772 |
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CERTIFIED
Consolidated cash flow statement at 31 December 2025
| (€/000) | 2025 | 2024 |
|---|---|---|
| Cash flows from operating activities | ||
| Profit before taxes | 298,848 | 311,032 |
| Adjustments for non-cash items: | ||
| Losses (gains) on the sale of fixed assets | (6,074) | (5,582) |
| Amortization and depreciation | 121,250 | 113,870 |
| Costs recognized in the income statement relative to stock options that do not involve monetary outflows for the Group | 6,764 | 5,262 |
| Losses (profits) from equity investments | (339) | (302) |
| Net change in risk provisions and allocations to employee benefit provisions | (2,860) | (2,260) |
| Expenditures for tangible fixed assets to be leased | (13,563) | (11,250) |
| Proceeds from the disposal of leased tangible fixed assets | 9,993 | 10,967 |
| Net financial expenses (income) | 38,055 | 27,084 |
| Other | 296 | (26) |
| 452,370 | 448,795 | |
| (Increase) decrease in trade receivables and other current assets | (7,222) | 44,108 |
| (Increase) decrease in inventories | (694) | 21,406 |
| Increase (decrease) in trade payables and other current liabilities | (5,580) | (15,634) |
| Interest paid | (29,746) | (41,881) |
| Realized exchange differences | (4,007) | 3,902 |
| Taxes paid | (71,168) | (103,618) |
| Net cash from operating activities | 333,953 | 357,078 |
| Cash flows from investing activities | ||
| Payments for the purchase of equity investments, net of cash received | (38,465) | (89,211) |
| Capital expenditure on property, plant and equipment | (91,774) | (129,186) |
| Proceeds from the sale of tangible fixed assets | 2,686 | 2,980 |
| Increase in intangible fixed assets | (9,664) | (9,044) |
| Financial income received | 6,831 | 7,435 |
| Other | 778 | 1,459 |
| Net cash (used in) investing activities | (129,608) | (215,567) |
| Cash flows from financing activities | ||
| Disbursements (repayments) of loans | (102,949) | 925 |
| Disbursals (repayments) of shareholder loans | - | (567) |
| Loans (granted)/repaid to/by non-consolidated subsidiaries | (241) | - |
| Dividends paid | (36,198) | (34,986) |
| Disbursements for purchase of treasury shares | (16,594) | (10,337) |
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CERTIFIED
INTERPUMP GROUP
Consolidated cash flow statement at 31 December 2025
| (€/000) | 2025 | 2024 |
|---|---|---|
| Proceeds from the sale of treasury shares to stock option beneficiaries | 4,754 | 581 |
| Change in other financial assets | (349) | (526) |
| Payment of finance lease installments (principal) | (20,375) | (19,749) |
| Net cash generated by (used in) financing activities | (171,952) | (64,659) |
| Net increase (decrease) in cash and cash equivalents | 32,393 | 76,852 |
| (€/000) | 2025 | 2024 |
| --- | --- | --- |
| Net increase (decrease) in cash and cash equivalents | 32,393 | 76,852 |
| Translation differences for cash held by non-EU companies | (9,778) | 535 |
| Opening cash and equivalents of companies consolidated for the first time using the line-by-line method | - | - |
| Cash and cash equivalents at the beginning of the year | 359,401 | 282,014 |
| Cash and cash equivalents at the end of the year | 382,016 | 359,401 |
Cash and cash equivalents consist of the following:
| €/000 | 31/12/2025 | 31/12/2024 |
|---|---|---|
| Cash and cash equivalents as per the consolidated statement of financial position | 415,704 | 392,637 |
| Bank debts (overdrafts and subject-to-collection advances) | (33,688) | (33,236) |
| Cash and cash equivalents as per the consolidated cash flow statement | 382,016 | 359,401 |
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NORWEGIAN CONTINUING
CERTIFIED
INTERPUMP GROUP
Statement of changes in consolidated shareholders' equity at 31 December 2025
| (€/000) | Share capital | Legal reserve | Share premium reserve | Remeasurement reserve for defined benefit plans | Translation reserve | Other reserves | Group shareholders' equity | Non-controlling interests | Total |
|---|---|---|---|---|---|---|---|---|---|
| At 1 January 2024 | 55,625 | 11,323 | 46,938 | (5,922) | 11,850 | 1,673,764 | 1,793,578 | 9,326 | 1,802,904 |
| Recognition in the income statement of the fair value of stock options | - | - | 5,262 | - | - | - | 5,262 | - | 5,262 |
| Purchase of treasury shares | (130) | - | (10,207) | - | - | - | (10,337) | - | (10,337) |
| Sale of treasury shares to stock option beneficiaries | 10 | - | 571 | - | - | - | 581 | - | 581 |
| Purchase of residual interests in subsidiaries | - | - | - | - | - | 191 | 191 | 1,090 | 1,281 |
| Dividends paid | - | - | - | - | - | (34,231) | (34,231) | (777) | (35,008) |
| Comprehensive profit (loss) for the 12 months of 2024 | - | - | - | (1) | 26,258 | 227,051 | 253,308 | 1,346 | 254,654 |
| Balances at 31 December 2024 | 55,505 | 11,323 | 42,564 | (5,923) | 38,108 | 1,866,775 | 2,008,352 | 10,985 | 2,019,337 |
| Recognition in the income statement of the fair value of stock options | - | - | 6,764 | - | - | - | 6,764 | - | 6,764 |
| Purchase of treasury shares | (260) | - | (16,334) | - | - | - | (16,594) | - | (16,594) |
| Sale of treasury shares to stock option beneficiaries | 75 | - | 4,679 | - | - | - | 4,754 | - | 4,754 |
| Change in consolidation perimeter | - | - | - | - | - | - | - | 167 | 167 |
| Purchase of residual interests in subsidiaries | - | - | - | - | - | - | - | (3) | (3) |
| Dividends paid | - | - | - | - | - | (35,147) | (35,147) | (1,051) | (36,198) |
| Comprehensive profit (loss) for the 12 months of 2025 | - | - | - | 682 | (78,325) | 208,122 | 130,479 | 1,395 | 131,874 |
| Balances at 31 December 2025 | 55,320 | 11,323 | 37,673 | (5,241) | (40,217) | 2,039,750 | 2,098,608 | 11,493 | 2,110,101 |
| Fine Comunicato n.0159-13-2026 | Numero di Pagine: 22 |
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